CARD Act Review. The RFI seeks information on the following topics and issues in addition to seeking information on topics and issues that the CFPB is required by the CARD Act to consider in its review
- Supplementary card features. The CFPB asks the way the regards to, and methods associated with, major supplementary card features (such as for instance bank card rewards, deferred interest promotions, transfers of balance, and money transfers) are evolving.
- Financial obligation settlement and relief. The CFPB asks:
- bad credit loans in utah just exactly how issuers have changed their techniques pertaining to deferment, forbearance, or any other kinds of credit card debt relief agreed to consumers
- how a methods of for-profit debt negotiation businesses are changing, just what styles are occurring within the debt consolidation industry, and just what happens to be the reaction of creditors and non-profit guidance agencies
- Collections. The CFPB asks:
- just exactly how creditors and 3rd party collectors have actually changed their methods in the last couple of years in collecting in delinquent or charged-off records
- if the utilization of electronic interaction by creditors and loan companies regarding the credit debt is continuing to grow or perhaps developed
- Disclosures. The CFPB asks just how well disclosure that is current and methods are adjusted to your electronic environment and just what adaptations would better serve customers or reduce industry conformity burden.
- Expense and access of charge cards. The CFPB asks the way the faculties of customers with reduced credit ratings are changing, just how categories of consumers in numerous rating tiers are faring on the market, and exactly how other facts concerning customer demographics or lives that are financial customersвЂ™ power to successfully get and make use of bank cards.
- Issuer soundness and safety. The CFPB asks just exactly just what security and soundness dangers can be found or growing on the market and which entities are disproportionably afflicted with such dangers, and exactly how such dangers relate solely to consumer that is long-term or alterations in customersвЂ™ ability to handle and spend their debts.
- Risk-based rates. The CFPB asks how a utilization of risk-based rates changed considering that the BureauвЂ™s 2019 report regarding the charge card market and exactly exactly exactly what has driven those modifications.
- Innovation. The CFPB asks just exactly how bank card item innovation changed because the BureauвЂ™s 2019 report, just exactly what has driven those modifications, and exactly how wider innovations in finance (such as for instance greater accessibility to and applications that are new customer data, device learning as well as other technical tools) have actually affected the bank card market.
These extra subjects and issues had been additionally identified within the CFPBвЂ™s previous CARD Act review RFI issued in 2019.
A Unique Edition to mark Episode 100 of customer Finance Monitor Podcast: the way the CFPB changed beneath the Trump management and may alter under a Biden management
We start this edition that is special by having a conversation of why we established the podcast, subjects we now have covered and visitors who possess accompanied us, and our plans for future episodes. We then have a look at the way the CFPB changed since 2017 (and dispel some misconceptions) and share our objectives if Joe Biden becomes President. Subjects discussed include the CFPBвЂ™s method of enforcement and guidance (including feasible brand new bigger participant guidelines), the fate associated with the pay day loan guideline and rulemakings that are ongoing feasible applicants to act as brand brand new Director, the CFPBвЂ™s position on brand new technologies, and lawmakersвЂ™ views on changing the CFPBвЂ™s leadership framework.
Just click here to hear the podcast.