On January 17, the CFPB published in the Federal Register a Request for Information (RFI) about a number of aspects of the consumer credit card market, as mandated by the CARD Act. The RFI seeks public input to shape the CFPB’s biennial review of the market. The CFPB is soliciting comments on various aspects of the credit card market, including the terms and practices of credit card issuers, the effectiveness of disclosures related to credit card terms and fees, and the adequacy of protections against unfair or deceptive practices.
Additionally, the RFI seeks insights into the costs and availability of consumer credit cards, the safety and soundness of credit card issuers, and the use of risk-based pricing. The CFPB is also interested in understanding how credit card product innovation has evolved, particularly considering technological advancements and changes in consumer behavior. The agency encourages stakeholders, including consumers, credit card issuers, industry analysts, and consumer groups, to provide feedback on these topics to help shape its understanding and regulatory approach to the credit card market. Comments must be submitted by April 17, 2025, to be considered.
