The Consumer Financial Protection Bureau is beginning its biennial review of the consumer credit card market, as mandated by the Credit CARD Act. The next report is due in 2021.
This year, the bureau is also reviewing the economic impact of the CARD Act rules on small entities in order to “determine whether the rules should be continued without change, or should be amended or rescinded, consistent with the stated objectives of applicable statutes, to minimize any significant economic impact of the rules upon a substantial number of such small entities.”
Specifically, the bureau sought feedback on the scale of the rules’ economic impact; whether and how those impacts on small entities can be reduced; and other factors. Regarding the market review, the CFPB sought public feedback on credit card market structure and participants; card pricing structure; credit availability; and innovation in the card market. Comments are due 60 days after the request for information is published in the Federal Register.