On December 3, 2015, the Consumer Financial Protection Bureau ("CFPB") released its second biennial report on the consumer credit card market ("Report"), as required by the Credit Card Accountability Responsibility and Disclosure Act. The Report outlines the results of the CFPB's most recent study of the credit card market, which included a public request for information in March 2015 and other input from industry and consumer groups. The Report updates the results from the CFPB's 2013 study and report, and explores other aspects of the credit card market.
This alert highlights several key findings in the Report, including findings related to the cost and availability of credit, deferred interest products, rewards programs, debt collection and product innovation.
Read our client alert.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved