In a recent turn of events, the Consumer Bankers Association (CBA) has initiated a four-part blog series titled “Facts Matter”. This initiative is aimed to rectify what the association identifies as “misinformation” propagated by the Consumer Financial Protection Bureau (CFPB) through its announcement pertaining to CFPB’s October 2023 report (Report) under the Credit Card Accountability Responsibility and Disclosure Act, also known as the CARD Act. The mentioned act mandates the CFPB to issue a biennial report to Congress concerning the consumer credit card market.
The details and the narratives of this ongoing inter-organizational conversation can be found in a news article published recently by JD Supra. The report offers an in-depth exploration of the CBA’s counter-claims and their arguments against the contents of the CFPB’s press release.
This development is a significant reminder of the importance of accurate information exchange in the field of consumer banking law, particularly in relation to overarching legislations such as the CARD Act. Furthermore, the CBA’s decision to conduct an information correction campaign highlights the ongoing dynamic tussle over interpretive dominance between regulatory bodies and associated institutions.