Removing Barriers Blog

CUNA Files Letter for CFPB RFI on Consumer Credit Card Market
Posted June 08, 2017 by CUNA Advocacy

CUNA filed a letter with the CFPB providing information on the credit card market in response to the CFPB’s request for information (RFI).  The Credit Card Accountability and Responsibility and Disclosure Act of 2009 (CARD Act) requires the CFPB to conduct a review of the consumer credit card market.  The CFPB issued the RFI to help them conduct this credit card market review.  The RFI requests information on several issues impacting credit cards.  This is the third such review that the CFPB has conducted.

CUNA’s letter highlights the strong credit card products that credit unions offer and discusses credit union specific challenges of offering credit cards and the challenges of offering credit cards for all financial institutions.  Some of the issues addressed include merchant data breaches and keeping up with technology.  We also reminded the CFPB that credit unions usually offer the most competitive rates and continue to be consumer friendly because of our cooperative business model. 

CUNA closely monitors the credit card market and payments market so that we can inform and advocate for credit unions that offer credit cards.