Payment Law Advisor Legal Commentary and Resources for the Payment Industry

The 2015 CARD Act Report

Posted in Regulatory and Compliance

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Following their prior post on the CARD Act Report, Payments team members Andrew Owens and Adam Maarec authored an article entitled “The 2015 CARD Act Report” for the November 2016 issue of The Review of Banking & Financial Services. The abstract for the article is as follows:

The CFPB’s biennial report on the consumer credit card market, pursuant to the CARD Act, includes data on the market and the Bureau’s concerns with certain practices relating to credit card accounts. The authors summarize the Bureau’s data on consumer credit card use, and the cost and availability of credit. They then turn to concerns expressed by the Bureau relating to deferred interest products, reward programs, readability of card agreements, and disclosures. They close with areas listed by the Bureau for continuing study and a caution that issuers should be aware of the Bureau’s concerns and take steps to mitigate those concerns.

To read the article in its entirety, click here.