Credit card issuers may face new limits on fees and greater disclosure requirements as the U.S. Consumer Financial Protection Bureau pledges more scrutiny after a 2009 law that revamped regulation of the business, Bloomberg News reported today. “The CARD Act brought better consumer protections and fairness to the marketplace, but we found there is more work to be done,” CFPB Director Richard Cordray said. The Credit Card Accountability Responsibility and Disclosure Act of 2009, limited lenders’ ability to raise interest rates, curbed late fees and forced lenders to seek customers’ approval to apply over-limit fees. Now the bureau will examine whether certain cards impose undue fees, and whether issuers adequately disclose terms and conditions, Cordray said.
