Troubleshooting Credit Card Data Policies

Law360, New York (February 7, 2012, 5:47 PM EST) -- On Jan. 30, 2012, the American Bankers Association delivered a comment letter to the Consumer Financial Protection Bureau in which it expressed strong disagreement with the CFPB’s proposed policy statement on "Disclosure of Certain Credit Card Complaint Data."

The ABA expressed concern that the complaint data will not help and may actually mislead consumers because it is “incomplete, unrepresentative, and unverified.” The ABA also argued that the proposed policy “undermines a core mission of the Bureau and impugns its supervisory responsibilities.”

We agree with many of the...
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