The Consumer Financial Protection Bureau (CFPB) yesterday released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found that total cost of credit declined by two percentage points between 2008 and 2012 but that there are still areas of concern in the credit card market.
“Credit cards play a valuable role in the everyday lives of American consumers,” said CFPB Director Richard Cordray. “The CARD Act brought better consumer protections and fairness to the marketplace, but we found there is more work to be done.”
A copy of today’s report can be found at: http://files.consumerfinance.gov/f/201309_cfpb_card-act-report.pdf