For Immediate Release
Tuesday, March 5, 2024
CF&P Responds to CFPB Credit Card Price Controls
(Washington, D.C., Tuesday, March 5, 2024) Today’s finalization of a Consumer Financial Protection Bureau (CFPB) rule to impose price controls on credit cards will harm consumers.
CF&P Vice President Brian Garst offered the following comment:
“The CFPB, despite its supposed independence, is carrying out President Biden’s populist agenda at the expense of the majority of credit card users. In all but eliminating any financial incentives to make timely payments, CFPB has condemned the majority of credit card users to subsidize those unable or unwilling to pay their debts. Moreover, the transfer of costs from late payers to everyone else will almost certainly make credit harder to access for those with poor or limited credit histories, victimizing the very individuals targeted by Biden’s election-minded populist appeals.”
