The Consumer Financial Protection Bureau should revise a regular survey on credit card plans to undo changes made by the previous administration that didn’t conform with law, the American Bankers Association said in a letter to the bureau.
The CFPB’s Report of Terms of Credit Card Plans was revised in 2023 as part of a larger effort to develop an online comparison tool on card plans for consumers. ABA raised several concerns about the revisions and the tool, the latter of which was taken down shortly after President Trump took office. The association recommended that the CFPB revert the 2023 amendments to the language in place before the changes were made, as the revised information collection requirements went beyond what was required by the Truth in Lending Act.
ABA also requested that the CFPB provide additional guidance for the data to be collected and make the online portal for data collection more user-friendly.
