Notice2024-31229
Open Call for Credit Card Price and Availability Data From Credit Card Issuers
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 30, 2024
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Consumer Financial Protection Bureau (CFPB) is publishing this notice to advise credit card issuers that they may voluntarily submit credit card price and availability data through the CFPB's Terms of Credit Card Plans (TCCP) Survey.
Full Text
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<title>Federal Register, Volume 89 Issue 249 (Monday, December 30, 2024)</title>
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[Federal Register Volume 89, Number 249 (Monday, December 30, 2024)]
[Notices]
[Pages 106446-106447]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-31229]
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CONSUMER FINANCIAL PROTECTION BUREAU
Open Call for Credit Card Price and Availability Data From Credit
Card Issuers
AGENCY: Consumer Financial Protection Bureau.
ACTION: Open call for credit card price and availability data from
credit card issuers.
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SUMMARY: The Consumer Financial Protection Bureau (CFPB) is publishing
this notice to advise credit card issuers
[[Page 106447]]
that they may voluntarily submit credit card price and availability
data through the CFPB's Terms of Credit Card Plans (TCCP) Survey.
FOR FURTHER INFORMATION CONTACT: Sarah Schwartzberg, Office of Markets,
at 202-435-7000 or <a href="/cdn-cgi/l/email-protection#57141107150834383b3b3234230824222727382523173431273579303821"><span class="__cf_email__" data-cfemail="3d7e7b6d7f625e525151585e49624e484d4d524f497d5e5b4d5f135a524b">[email protected]</span></a>. If you require this
document in an alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#fab9bcaab8a5bb99999f898993989396938e83ba999c8a98d49d958c"><span class="__cf_email__" data-cfemail="4c0f0a1c0e130d2f2f293f3f252e25202538350c2f2a3c2e622b233a">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: When shopping online or in a brick-and-
mortar store, people like to weigh the costs and benefits of different
products before they make a purchase, but this can be a challenge for
consumers seeking to compare interest rates across credit cards.\1\ The
lack of transparency in credit card terms and conditions is not new. In
1988, Congress passed the Fair Credit and Charge Card Disclosure Act to
provide for a more detailed and uniform disclosure of credit card rates
and fees by issuers.
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\1\ Consumer Fin. Prot. Bureau, Examining the factors driving
high credit card interest rates (Aug. 12, 2022), <a href="https://www.consumerfinance.gov/about-us/blog/examining-the-factors-driving-high-credit-card-interest-rates/">https://www.consumerfinance.gov/about-us/blog/examining-the-factors-driving-high-credit-card-interest-rates/</a>.
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Twice per year, at least 150 credit card issuers submit information
to the CFPB on their largest credit card plans, including interest
rates and fees, through our TCCP Survey.\2\ This notice is part of our
efforts to invite a broader range of credit card issuers to contribute
information on their credit card offerings to this data set. Our goal
is to spur competition and give Americans the power to shop around and
choose the best credit card for their needs. This open call is just one
step in our plan to update the TCCP Survey to make it a more useful
resource on credit card price and availability for consumers.
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\2\ Consumer Fin. Prot. Bureau, Terms of Credit Card Plans
(TCCP) survey, <a href="https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/">https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/</a>.
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Credit card issuers are invited to voluntarily contribute credit
card price and availability data. Get started now: <a href="https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/">https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/</a>.
Rohit Chopra,
Director, Consumer Financial Protection Bureau.
[FR Doc. 2024-31229 Filed 12-27-24; 8:45 am]
BILLING CODE 4810-AM-P
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