CFPB Ongoing Campaign Against Credit Cards

"Now in its third consecutive week of issuing political rhetoric, the CFPB is falsely suggesting there are problems with one of the most popular consumer credit products in America. The Bureau’s claim that a market with hundreds of card issuers and thousands of card options and features is not competitive is disconnected from the experience of millions of cardholders across the country. American consumers know they have a wide array of credit card options to choose from, including terms that are fully disclosed by law, which allows them to compare offers and select the card that best meets their needs. By every measure, including by the DOJ’s standard and even in the view of the U.S. Supreme Court, this market is competitive, and saying otherwise as part of a misleading campaign does not change that fact. More consumers than ever are choosing credit cards for their daily purchases because they value the safety, convenience and efficiency offered by our modern payments system."

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The American Bankers Association is the voice of the nation’s $23.9 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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