Banking and Finance Law Daily Wrap Up, CREDIT, DEBIT AND GIFTS CARDS—CFPB solicits information on credit card market, (Jan 16, 2025)

By Charles A. Menke, J.D.

The Bureau is seeking public input on the consumer credit market as part of its biennial review of the credit card industry, as mandated by statute.

The Consumer Financial Protection Bureau has issued a notice and request for information inviting members of the public, including consumers, credit card issuers, industry analysts, consumer groups, and other interested persons, to submit information and other comments on various aspects of the consumer credit card market. Comments are due by Apr. 17, 2025.

Under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) the CFPB must conduct a review of the credit card industry every two years and report its findings to Congress. In connection with the upcoming review, the Bureau is seeking information on how the credit card market is functioning, including experiences of consumers and credit card issuers on the overall health of the credit card market. Specific topical areas on which the Bureau is seeking information include:

• credit card agreement terms and issuer practices;

• effectiveness of credit card plan disclosures;

• 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 issuers;

• risk-based pricing; and

• product innovation.

RegulatoryActivity: BankingOperations CFPB ConsumerCredit CreditDebitGiftCards UDAAP