Request for information to inform policy and potential changes moving forward.
The CFPB is seeking public and stakeholder comments about how the credit card market is operating—a solicitation that is required by federal law.
Although credit cards and their fees have become a hot-button issue for the bureau, this solicitation is separate from that regulatory effort. Under law, the agency must request information about the credit card market every two years. It then issues a report on its findings.
“The CFPB seeks comments on the experiences of consumers and credit card issuers in the credit card market and on the overall health of the credit card market,” the bureau said, in announcing the effort.
How Will the Information Be Utilized?
Agency Director Rohit Chopra expanded on the reasons for the report.
“This request for information is a meaningful data point that will inform our decision-making on any potential changes, and the CFPB invites consumers, credit card issuers, industry analysts, consumer groups, and the general public to submit information and comments relevant to the topic,” he said.
Comments on the credit card market are due by April 24.