The Consumer Financial Protection Bureau is seeking public feedback on the consumer credit market.
The request, issued Jan. 24, is part of the regulatory agency’s biennial industry review authorized by the Credit Card Accountability Responsibility and Disclosure Act of 2009. The request includes information on credit card agreement terms; the cost and availability of consumer credit cards; the safety of credit card issuers; and other, related information.
The review, which also orders major credit card issuers to collect information on their business practices, is intended to show whether regulatory changes are needed. The CFPB is collecting comments through April 24, and the agency is expected to publish its corresponding report later this year.
“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,” said Director Rohit Chopra.
The CFPB has also reached out directly to credit card issuers seeking information on their practices surrounding applications and approvals, debt collection and digital account servicing.