Rep. Maloney hails findings of first official CFPB report on effects of The Credit CARD Act

WASHINGTON, DC – Rep. Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee and principal author of the Credit CARD Act, hailed the first biennial report issued by the Consumer Financial Protection Bureau-- required under the CARD Act-- examining the consumer credit card market, including “the effect of the Act on the cost and availability of credit and the adequacy of protections for consumers relating to credit card plans.”

“This report is further proof that millions of Americans are benefiting from the Credit CARD Act,” Maloney said. “Thanks to the CARD Act, consumers have saved billions of dollars. Young people are better protected from predatory practices. And people all across the country are more satisfied with their credit cards than they’ve been in years.

“Anyone who has a credit card—or has shopped for one—can now count on fees that are clearly labeled and  much easier to avoid; any-time, any-reason rate hikes that have been largely eliminated; and credit card agreements that are shorter and easier to understand and compare.

“One of the real difficulties I faced in drafting this legislation was the lack of available information on the marketplace. That’s why this regular report was required in the legislation, and this information will prove to be an essential tool going forward for the industry, for consumers, and for policymakers.”

Drawn from publicly and commercially available data, as well as data obtained by the CFPB through its supervision of large credit card issuers, the report is viewable here: http://files.consumerfinance.gov/f/201309_cfpb_card-act-report.pdf