The Consumer Financial Protection Bureau is seeking comments on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 has impacted consumers. The input will allow the agency to construct future proposals for new credit card rules.
"The CFPB is required to periodically report results of the CARD Act to Congress and the public. But this time, the report comes just after another report was released in late November by CardHub.com that criticized the Federal Reserve Board for its lack of standards on credit card issuers when disclosing interest rate changes," writes American Banker's Rachel Witkowski.
The agency, created under the Dodd-Frank Reform law, first held a conference in February 2011 to review the CARD Act. The findings allowed the bureau to ramp up its proposals of new credit cards rules and the enforcement of card issuers.
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