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CFPB SEEKS COMMENTS FOR BIENNIAL CARD ACT REPORT

On January 24, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information regarding the consumer credit card market as part of its obligation under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”) to conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market every two years. The CFPB published its first CARD Act review in December 2015 and has published subsequent reviews in December 2017, August 2019 and September 2021. Section 502(b) of the CARD Act specifically instructs the CFPB to seek public comment to inform its review of the consumer credit card market. To that end, the CFPB is now inviting public comment to inform the upcoming 2023 review. Read More