The CFPB said it is seeking public comment on credit card terms, rewards programs, consumer disclosures, debt collection practices and other related issues for a review of the state of the credit card market.
The bureau said the CARD Act requires it to carry out a review of the consumer credit market every two years. The CFPB's analysis will be incorporated into a public report to Congress about the state of the consumer credit card market.
"With today's inquiry, the bureau is seeking to further understand how the credit card market is working in practice and how credit card protections affect consumers and credit card issuers," CFPB Director Richard Cordray said. "As we undertake this review, the bureau wants to ensure it understands the information that consumers, industry, advocates and other stakeholders believe is most relevant."
During the review process, the CFPB will seek information related to deceptive acts or unlawful discrimination that might still exist in the credit card market. The CFPB will also look for input on ways card issuers use third-party collection agencies.
The CFPB also wants to investigate how consumers understand credit card rewards programs.
"The bureau is looking for information on how credit card issuers determine that their disclosures for rewards products are being made in a clear and transparent manner, whether consumers understand these offers when applying for rewards credit cards, and how disclosures may be improved to benefit consumers," the CFPB said in a press release.
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