Alert January 10, 2013

CFPB Seeks Public Comment on Impact of the CARD Act

The CFPB, in conjunction with its review of the Credit Card Accountability Responsibility and Disclosure Act of 2009, announced that it is seeking public comment on the CARD Act’s impact on consumers and the credit market. Areas that the CFPB is seeking comment on include, for example, the CARD Act’s impact on the substantive terms and conditions of credit card agreements and pricing, marketing, underwriting and other practices; and whether the CARD Act adversely impacted the safety and soundness of credit card issuers.  The comment deadline is February 19, 2013.