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Bureau seeks public comment on CARD Act regs
The Consumer Financial Protection Bureau has issued 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. the Bureau is seeking to determine whether the regulations should be continued without change or be amended or rescinded.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.
PUBLICATION UPDATE: To be published in the Federal Register on 8/28/2020, with a 60-day comment period ending 10/27/2020.