The CFPB has issued a new request for information (RFI) to inform its biennial review of the credit card market mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). Comments on the RFI must be received by April 24, 2023.
The CFPB’s first CARD Act report was published in October 2013, its second report was published in December 2015, its third report was published in December 2017, its fourth report was published in August 2019, and its fifth report was published in September 2021.
Because the CARD Act requires the CFPB to consider specific topics in its biennial reviews, the RFIs that the CFPB has issued in connection with those reviews have contained similar questions. Nevertheless, how the CFPB frames those questions in a particular RFI can provide some insight into which issues are then of particular interest to the CFPB. In the new RFI, the CFPB seeks comment on the following issues that were not raised in its previous RFI:
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