CFPB to focus on credit card market competition

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.