These extra subjects and dilemmas had been additionally identified within the CFPB’s past CARD Act review RFI issued in 2019.

CARD Act Review. The RFI seeks information on the following topics and issues in addition to seeking information on topics and issues that the CFPB is required by the CARD Act to consider in its review

  • Supplementary card features. The CFPB asks the way the regards to, and techniques regarding, major supplementary card features (such as for instance bank card rewards, deferred interest promotions, transfers of balance, and money transfers) are evolving.
  • Financial obligation settlement and relief. The CFPB asks:
    • just just how issuers have actually changed their methods linked to deferment, forbearance, or other kinds of debt settlement wanted to customers
    • how a techniques of for-profit debt consolidation businesses are changing, just what styles are occurring when you look at the debt negotiation industry, and just just what is the reaction of creditors and counseling that is non-profit
  • Collections. The CFPB asks:
    • exactly how creditors and alternative party enthusiasts have changed their techniques in the last couple of years in collecting in delinquent or charged-off records
    • perhaps the usage of electronic interaction by creditors and loan companies regarding the personal credit card debt is continuing to grow or else developed
  • Disclosures. The CFPB asks just how well present disclosure guidelines and practices are adjusted to your electronic environment and just exactly what adaptations would better provide customers or reduce industry conformity burden.
  • Availability and cost of charge cards. The CFPB asks how a faculties of customers with reduced fico scores are changing, exactly exactly exactly how sets of customers in various rating tiers are faring available in the market, and exactly how other facts associated with customer demographics or lives that are financial customers’ capability to effectively get and employ charge cards.
  • Issuer security and soundness. The CFPB asks just just what security and soundness dangers can be found or growing available in the market and which entities are disproportionably afflicted with such dangers, and just how such risks relate with consumer that is long-term or alterations in consumers’ ability to handle and spend their debts.
  • Risk-based rates. The CFPB asks the way the utilization of risk-based pricing changed because the Bureau’s 2019 report in the bank card market and exactly just what has driven those changes.
  • Innovation. The CFPB asks just how charge card item innovation changed considering that the Bureau’s 2019 report, just exactly what has driven those modifications, and exactly how wider innovations in finance (such as for instance greater accessibility to and applications that are new customer information, machine learning as well as other technical tools) have actually affected the charge card market.

These extra subjects and problems had been additionally identified within the CFPB’s past CARD Act review RFI issued in 2019.

A Unique Edition to mark Episode 100 of customer Finance Monitor Podcast: the way the CFPB changed beneath the Trump Administration and may alter under a Biden management

We start this unique version episode having a conversation of why we established the podcast, subjects we’ve covered and visitors who possess accompanied us, and our plans for future episodes. We then have a look at the way the CFPB changed since 2017 (and dispel some misconceptions) and share our objectives if Joe Biden becomes President. Subjects discussed are the CFPB’s method of enforcement and direction (including possible brand new bigger participant guidelines), the fate for the cash advance guideline and rulemakings that are ongoing feasible prospects to act as new Director, the CFPB’s position on brand new technologies, and lawmakers’ views on changing the CFPB’s leadership framework.

Just click here to hear the podcast.