comment letter
Facts Matter: A four-part blog series to counter misinformation conveyed by the CFPB in recent CARD Act Report
PART ONE: CBA Uses CFPB Data to Set Record Straight on CARD Act Report
In passing the sweeping reforms of the credit card market under the 2009 Credit Card Accountability Responsibility and Disclosure (“CARD”) Act, Congress required that the Consumer Financial Protection Bureau (CFPB) publish a review of the state of the credit card market every two years. This year’s Consumer Credit Card Market Report (“CARD Act Report”) published late last month, was accompanied by a CFPB press release full of headlines distressingly removed from and even contradicted by the Report itself.
