WASHINGTON (3/18/15)--The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it is seeking public comment on the function of the credit card market, as well as the impact of consumer protections.
The request for comment focuses on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices and rewards programs.
Specific areas the CFPB is requesting information on include:
According to the CFPB, the review will culminate in a public report to Congress on the state of the consumer credit card market, and the data gathered will help inform future policy decisions.
This will mark the CFPB's second review of the credit card market, as required by the Credit Card Accountability Responsibility and Disclosure Act of 2009. In response to the bureau's 2013 request for information, CUNA urged the bureau to ensure "consumers continue to receive reasonable protections while minimizing regulatory burdens on credit unions that offer credit card services to their members."
Comments are due May 18.