WASHINGTON (5/14/15)--The Consumer Financial Protection Bureau (CFPB) has extended its comment period for four specific aspects of the credit card market until June 17, comments on all other areas are still due May 18. The CFPB published the updated comment deadline in Wednesday’s Federal Register.
The Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 requires the bureau to conduct a review of the consumer credit card market.
Comments on online disclosures, grace periods, add-on products and debt collection may be submitted to the bureau by June 17. According to the bureau, it has determined that additional time for stakeholders to comment on those areas is appropriate.
The other eight areas of comments that are still due by May 18 are: agreement terms and issuer practices; effectiveness of disclosures; adequacy of protections; effects of CARD Act implementation; rewards products; fee harvester cards; deferred interest products; and ability to pay.
CUNA advocacy staff has prepared an executive summary on specific questions the CFPB is seeking answers for within each category.