Breaking News: CFPB Credit Review Could Foreshadow Regs, Enforcement Actions (March 18, 2015)
The CFPB on March 17 announced a request for public comments on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. The inquiry, which is required by the CARD Act every two years, will focus on issues including credit card terms, the use of consumer disclosures, unfair or deceptive acts or practices, debt collection practices (including third-party relationship management) and rewards programs, among others. Comments are due 60 days after the notice is published in the Federal Register, and the resulting report will inform future policy decisions, according to the CFPB. In addition to future rulemaking, the inquiry’s areas of focus could foreshadow future enforcement actions.
To submit comments:
- Online: the Federal eRulemaking Portal http://regulations.gov
- Email: [email protected] and include Docket No. CFPB-2015-0007 in the subject line of the email
- Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552
- Hand delivery/courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE, Washington, DC 20002
See related stories:
- Viewpoint: Supervisory or Enforcement Action, Deputy Director Antonakes Explains How the CFPB Decides
- CFPB Expands Employees, Budget in FY 2014, Actions Result in $4 Billion in Penalties, Compensation
- ITT Pushes Back on CFPB Claims and Why You Should Care
