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CFPB Seeks Comment on CARD Acts Impact on Consumer Credit Card Market

January 02, 2013

By THE GLOBAL BANKING AND PAYMENT SYSTEMS PRACTICE

This client alert discusses a Notice and Request for Comment ("Notice") issued by the Bureau of Consumer Financial Protection (CFPB) regarding implementation of provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). Pursuant to the Notice, the CFPB is seeking comment from consumers, credit card issuers, industry analysts, consumer advocates, and other interested persons regarding the consumer credit card market. The CFPB also intends to use public comments to inform its mandatory report to Congress on the credit card market, which could have wider implications regarding the current state of such market.