On December 27, 2017, the CFPB the issued its biennial report on the state of the consumer credit card market. The detailed report discusses consumers’ credit card use, credit card availability, the prices paid by consumers for their use, practices used by credit card companies, and recent innovations in the credit card industry. The Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”) requires that, every two years, the Board of Governors of the Federal Reserve System report on the state of the consumer credit card market. The CFPB assumed this responsibility in 2013. The current 2017 report revisits some of the 2015 topics in order to evaluate market developments. It also provides two new in depth “deep dives.” First, it examines indicators for a range of credit card products designed for consumers lacking prime credit scores. Second, it examines the way “third-party comparison websites” have impacted the credit card market.
The report also includes analyses of the following: the total credit card market size, the data surrounding consumer credit card use and credit card debt, the effect of the CARD Act on he cost of credit to consumers, the availability of credit in the card marketplace, the manner in which consumers procure general purpose credit cards, issuer practices such as the use of digital account servicing platforms, strategies for collecting delinquent consumer credit card debt, and consumer financial product innovation such as the increased adoption of EMV “chip” card readers.
To access the report, visit: https://www.consumerfinance.gov/documents/5950/cfpb_ consumer-credit-card-market-report_2017.pdf