On March 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs, among others. Release.
credit cards
Fed Updates to Regulation Z
On March 18, the Fed approved a rule amending Regulation Z (TILA) which enhances protections for consumers who use credit cards. The rule will be effective on October 1. Fed Release. Fed Rule.
Fed Proposed Amendments to Reg Z
On October 19, the Fed proposed a rule amending Regulation Z (Truth in Lending) to enhance consumer protections for credit cards. Comments on the proposed rule must be submitted within 60 days after publication in the Federal Register. Fed Release. Fed Proposed Rule.