Rick Fischer, Obrea O. Poindexter, and Jeremy R. Mandell
Banking + Financial Services, Financial Institutions + Financial Services, and Financial Services
On August 27, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) released its fourth biennial report on the consumer credit card market (2019 Report or Report). The Report summarizes the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act or Act) on the consumer credit card market. The Report was issued pursuant to Section 502(a) of the Act, which mandates that the CFPB conduct a biennial review of this market.
The 2019 Report updates the results from the CFPB’s 2017 Report and details the CFPB’s most recent review of the consumer credit card market, which covers 2017–2018. The review included responses to the Bureau’s January 2019 request for information (2019 RFI), as well as other data from regulators, industry, and consumers.
In a press release, the CFPB noted that the passage of time since the 2009 enactment of the CARD Act has resulted in challenges in stating how the consumer credit card market continues to be affected by the Act. According to the Report, going forward, while the CFPB will continue to report on the Act’s impact where feasible, future reports will have a greater focus on overall credit card market conditions.
This alert highlights several of the Bureau’s key findings in the 2019 Report, including those related to the cost and availability of credit, issuer practices, debt collection, and product innovation.
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