CFPB Seeks Public Input on Consumer Credit Card Market

On January 24, the Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the consumer credit market is functioning.

The CFPB’s request for information is part of a comprehensive review of the entire industry, as required by the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), to help determine whether regulatory adjustments are needed. The review, which takes place every two years, involves seeking public feedback and submitting market-monitoring orders to major credit card issuers. Its findings will be published in a report to Congress later in 2023.

Overall, the CFPB is interested in learning more about people’s experience with credit card products. For instance, the request seeks information on a variety of issues, including the following:

  • Terms of credit card agreements and the practices of credit card issuers.
  • Effectiveness of disclosure of terms, fees, and other expenses of credit card plans.
  • Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans.
  • Cost and availability of consumer credit cards.
  • Safety and soundness of credit card issuers.
  • Use of risk-based pricing for consumer credit cards.
  • Consumer credit card product innovation.

In addition, the CFPB has issued market-monitoring orders to a group of credit card issuers, seeking information such as the practices of these issuers relating to applications and approvals, debt collection, and digital account servicing.

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Ross Handler

Ross T. Handler counsels fintech, nonbank, and financial services institutions on compliance with state and federal finance laws. He advises financial services clients on money transmission and consumer and commercial lending laws related to the offering and operation of financial products and services…

Ross T. Handler counsels fintech, nonbank, and financial services institutions on compliance with state and federal finance laws. He advises financial services clients on money transmission and consumer and commercial lending laws related to the offering and operation of financial products and services, including credit, debit and prepaid cards, and other consumer lending constructs.

Photo of Samuel Klein Samuel Klein

Samuel Klein is a graduate of the American University Washington College of Law, where he was a member of the American University Law Review.

Photo of Sam Boro Sam Boro

Sam Boro advises fintech companies, banks, merchants, and marketplaces in the development and launch of new payment products and services. He supports clients in negotiating agreements and partnerships, understanding regulatory compliance issues, and designing smooth user interfaces.