The Consumer Financial Protection Bureau (CFPB) released a new report on the CARD Act on Wednesday that stressed that issues in the credit-card industry persist, according to The Wall Street Journal.
While card companies have cut down on fees due to the consumer-protection act, concerns like high fees charged to consumers with poor credit are still looming, the report said.
“The CARD Act is a mixed bag for consumers depending if you had a card versus wanting one,” Richard Hunt, President and CEO of CBA, told PYMNTS.com. “While the Act installed enhanced consumer protections, it also restricted this essential form of credit to consumers who needed to make ends meet in these tough economic times.”
For more on the CFPB’s report, click here.
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