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Sept 4 --  CFPB indicates that its Request for Information Regarding Consumer Credit Card Market "was inadvertently published in error and is hereby withdrawn." https://www.federalregister.gov/documents/2020/09/04/C1-2020-18855/card-act-rules-review-pursuant-to-the-regulatory-flexibility-act-request-for-information-regarding
 
Aug  28 -- The Bureau of Consumer Financial Protection (Bureau) is requesting comment on two related, but separate, reviews. First, the Bureau is conducting a review of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) Rules. As part of this review, the Bureau is seeking comment on the economic impact of the CARD Act Rules on small entities so that it can determine whether the rules should be continued without change, or should be amended or rescinded, consistent with the stated objectives of applicable statutes, to minimize any significant economic impact of the rules upon a substantial number of such small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.
 
Second, the Bureau is conducting a review of the consumer credit card market, within the limits of its existing resources available for reporting purposes, pursuant to the CARD Act, and is seeking comment on a number of aspects of the consumer credit card market.

Comments must be received by October 27, 2020.
 
FR notice: https://www.federalregister.gov/documents/2020/08/28/2020-19112/card-act-rules-review-pursuant-to-the-regulatory-flexibility-act-request-for-information-regarding
 
The Bureau is requesting comment on two related, but separate, reviews. Part I sets forth a description of the review of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) Rules that the Bureau is conducting consistent with section 610 of the Regulatory Flexibility Act (RFA). The CARD Act Rules generally affect credit card issuers and other creditors that offer open-end (not home-secured) credit plans. The Bureau is seeking comment on the economic impact of the CARD Act Rules on small entities so that the agency can determine whether the rules should be continued without change, or should be amended or rescinded, consistent with the stated objectives of applicable statutes, to minimize any significant economic impact of the rules upon a substantial number of such small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.  
 
Part II discusses the review that the Bureau must conduct of the consumer credit card market every two years under section 502(a) of the CARD Act. To inform the Bureau's next review, the Bureau invites members of the public, including consumers, credit card issuers, industry analysts, consumer groups, and other interested persons to submit information and other comments relevant to the issues identified in part II, as well as any information they believe is relevant to a review of the credit card market. This review relates to the credit card market generally, and not just to small entities.
 
Part II topics include: the terms of credit card agreements and the practices of credit card issuers; the effectiveness of disclosure of terms, fees, and other expenses of credit card plans; the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; the cost and availability of consumer credit cards; the safety and soundness of credit card issuers; the use of risk-based pricing for consumer credit cards; and consumer credit card product innovation.

The statutory authorities require these reviews, and these are not triggered by the current, COVID-19 related economic conditions, although the Bureau recognizes that the information submitted will reflect those conditions.

The Bureau believes that commenters may benefit from the Bureau issuing one RFI for the two reviews, because it expects that some commenters may wish to comment on both reviews and may find some benefit in commenting on both reviews at the same time. The Bureau requests that when a commenter makes a specific comment, the commenter indicates whether that comment relates to the RFA section 610 review, the CARD Act section 502(a) review, or both.

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