CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CARD Act helped consumers avoid $16B in fees, CFPB says
Policy & Issues

CARD Act helped consumers avoid $16B in fees, CFPB says

December 4, 2015

WASHINGTON (12/4/15)--The Credit Card Accountability and Disclosure (CARD) Act has helped reduce the cost of “gotcha” credit card fees by more than $16 billion, according to a report from the Consumer Financial Protection Bureau (CFPB). The CARD Act was passed into law in 2009.

While many credit unions offer credit cards, credit unions generally don’t view themselves as part of the credit card “industry,” rather they are offered as a service to members, generally with lower fees and better rates than traditional credit cards.

The CFPB’s report found that:

  • Consumers have avoided more than $9 billion in over-limit fees;
     
  • Consumers have saved more than $7 billion in late fees;
     
  • Total cost of credit is roughly 2 percentage points lower than before the CARD Act;
     
  • Available credit has increased 10% since 2012;
     
  • New account volume is growing, and this growth in account volume is outpacing population growth; and
     
  • More than 100 million credit card accounts offer consumers free access to their credit scores.

In addition, the report highlights a number of areas that remain a concern, including: back-end pricing on deferred-interest promotions; higher costs for credit from subprime credit card companies; obscure or incomplete terms and conditions for rewards programs; and the complexity of some product agreements.

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • CFPB proposes to raise remittance threshold to 500 transfers

  • Compliance: Using alternative data in underwriting

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors