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 how a regards to, and my explanation methods associated with, major card that is supplementary (such as for instance charge card rewards, deferred interest promotions, transfers of balance, and money transfers) are evolving.
- Financial obligation settlement and relief. The CFPB asks:
- just exactly exactly how issuers have actually changed their techniques pertaining to deferment, forbearance, or other kinds of debt settlement agreed to customers
- the way the techniques of for-profit debt consolidation organizations are changing, just exactly just what styles are occurring into the debt negotiation industry, and just just exactly what is the reaction of creditors and counseling that is non-profit
- Collections. The CFPB asks:
- just exactly just how creditors and 3rd party enthusiasts have actually changed their techniques in the last couple of years in collecting in delinquent or charged-off records
- whether or not the utilization of electronic interaction by creditors and collectors regarding the personal credit card debt is continuing to grow or otherwise evolved
- Disclosures. The CFPB asks just how well present disclosure guidelines and methods are adjusted to your electronic environment and just exactly what adaptations would better provide customers or reduce industry conformity burden.
- Price and access of bank cards. The CFPB asks how the traits of customers with reduced credit ratings are changing, just exactly how categories of customers in numerous rating tiers are faring on the market, and just how other facts associated with customer demographics or monetary everyday lives affect customersвЂ™ power to successfully get and make use of charge cards.
- Issuer soundness and safety. The CFPB asks just exactly what security and soundness dangers can be found or growing on the market and which entities are disproportionably affected by such risks, and exactly how such dangers connect with consumer that is long-term or alterations in customersвЂ™ ability to handle and spend their debts.
- Risk-based prices. The CFPB asks how a usage of risk-based rates changed because the BureauвЂ™s 2019 report in the bank card market and just what has driven those modifications.
- Innovation. The CFPB asks exactly just how bank card product innovation changed considering that the BureauвЂ™s 2019 report, exactly just exactly what has driven those modifications, and how wider innovations in finance (such as for example greater option of and applications that are new customer information, device learning as well as other technical tools) have affected the charge card market.
These extra subjects and problems had been additionally identified within the CFPBвЂ™s CARD that is previous Act RFI issued in 2019.
A Unique Edition to mark Episode 100 of Consumer Finance Monitor Podcast: the way the CFPB changed underneath the Trump management and may alter under a Biden management
We start this unique version episode with a conversation of why we established the podcast, subjects we’ve covered and visitors that have joined us, and our plans for future episodes. We then view how a CFPB changed since 2017 (and dispel some misconceptions) and share our objectives if Joe Biden becomes President. Subjects discussed are the CFPBвЂ™s method of enforcement and direction (including feasible brand brand new bigger participant guidelines), the fate of this pay day loan guideline and rulemakings that are ongoing feasible applicants to act as brand new Director, the CFPBвЂ™s position on brand brand new technologies, and lawmakersвЂ™ views on changing the CFPBвЂ™s leadership framework.
Just click here to hear the podcast.