According to a report released Wednesday by the Consumer Financial Protection Bureau, banks and other credit card issuers are charging less in penalties and are doing better at disclosing previously hidden fees.
Despite the positive findings, the agency will continue to scrutinize "credit card practices because of other concerns, such as high annual fees, deceptive add-on product offerings and deferred interest rate specials that catch consumers off guard," writes American Banker's Rachel Witkowski. The newly released report was created to determine the state of the credit card market following the enactment of the 2010 Credit Card Accountability Responsibility and Disclosure Act.
"We will continue to use both our supervisory and enforcement authorities to protect consumers by rooting out unfair, deceptive, or abusive acts or practices," CFPB Director Richard Cordray said.
"We will be monitoring the steps that card issuers take to provide consumers with these beneficial disclosures when they access their accounts in different ways," he continued.
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