The Consumer Financial Protection Bureau said it is looking to ensure there is robust and fair competition in the credit card market as debt rises following pandemic declines.
CFPB to focus on credit card market competition
January 21, 2022 / By ICBA
The Consumer Financial Protection Bureau said it is looking to ensure there is robust and fair competition in the credit card market as debt rises following pandemic declines.
The Consumer Financial Protection Bureau said it is looking to ensure there is robust and fair competition in the credit card market as debt rises following pandemic declines.
Blog Post: In a new blog post, the CFPB cited three ways it will focus on ensuring a more fair, transparent, and competitive credit card market:
- Uncover unfair and anticompetitive practices.
- Make it simpler for consumers to compare, switch, or refinance credit cards.
- Scrutinize fees for late payments, cash advances, balance transfers, foreign currencies, and more.
Background: The CFPB said Americans paid roughly $120 billion per year in credit card interest and fees from 2018 to 2020, roughly $1,000 per year for every American household.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
