CFPB Wants Public’s Input on Credit Card Industry

CFPB Wants Public’s Input on Credit Card Industry

March 18, 2015         Written By John H. Oldshue

The Consumer Financial Protection Bureau is requesting public input on how the credit card market is operating. This is part of a required review which must be conducted every two years according to the CARD Act of 2009.

The Request for Information focuses on four key areas of information:

  • Terms and conditions of credit card agreements: Comparing credit card agreements of today from two years ago.
  • Deceptive and unfair practices in the credit card market: Assessing deceptive acts and unlawful discriminations that may still exist in the market.
  • Debt collection practices: Examining how past due credit card debts are collected, including how often card issuers work with third-party collection agencies.
  • Consumer understanding of rewards programs: Analyzing how well consumers understand rewards products to determine the transparency of these products and their agreements.

“With today’s inquiry, the Bureau is seeking to further understand how the credit card market is working in practice and how credit card protections affect consumers and credit card issuers,” said CFPB Director Richard Cordray. “As we undertake this review, the Bureau wants to ensure it understands the information that consumers, industry, advocates, and other stakeholders believe is most relevant.”

Credit card rewards are now offered on a majority of credit cards, and can serve as an enticement for consumers in choosing one card over another.

“The Bureau is looking for information on how credit card issuers determine that their disclosures for rewards products are being made in a clear and transparent manner, whether consumers understand these offers when applying for rewards credit cards, and how disclosures may be improved to benefit consumers,” the CFPB said in its press release.

Comments on the Request of Information are due within 60 days of its publication. The Bureau will present the information in a public report to Congress to showcase the current state of the credit card industry.

The information contained within this article was accurate as of March 18, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About John H. Oldshue

John Oldshue is the creator of He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for
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