Consumer Financial Protection Bureau Requests Information on the Impact of the CARD Act Regulations on Small Entities and the Consumer Credit Card Market
August 26, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of their publication, and consider the rules’ effect on small businesses.
In the RFI, the Bureau is seeking public input on the CARD Act Rules’ economic impact on small entities. The Bureau is also requesting comments from the public on how the consumer credit card market is functioning as part of a Bureau review required by the CARD Act.
In reviewing the economic impact of the CARD Act Rules on small entities, the Bureau is seeking to determine whether the regulations should be continued without change or be amended or rescinded. In seeking comments on the consumer credit card market, the Bureau must conduct a review of the market every two years.
To read the RFI click here: https://files.consumerfinance.gov/f/documents/cfpb_rfi_card-act-rules-review-regulatory-flexibility-act-consumer-credit-card-market.pdf
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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
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