The Consumer Financial Protection Bureau said it is looking to ensure there is robust and fair competition in the credit card market as debt rises following pandemic declines.
Blog Post: In a new blog post, the CFPB cited three ways it will focus on ensuring a more fair, transparent, and competitive credit card market:
- Uncover unfair and anticompetitive practices.
- Make it simpler for consumers to compare, switch, or refinance credit cards.
- Scrutinize fees for late payments, cash advances, balance transfers, foreign currencies, and more.
Background: The CFPB said Americans paid roughly $120 billion per year in credit card interest and fees from 2018 to 2020, roughly $1,000 per year for every American household.
