The CFPB released a report this week that should serve as a reminder of what a functional Congress could accomplish. The report highlights the ways in which the 2009 Credit CARD Act has succeeded. Their findings:
Amy Traub and Catherine Ruetschlin’s survey of low- and middle-income household year, which was submitted to the CFPB as a statement on their report, similarly showed how the CARD Act increased the transparency of credit card statements and dramatically reduced unfair and excessive fees and penalties.
Sunlight is the best disinfectant. The underlying issues driving Americans to credit remain, but, all told, the act demonstrates that good rules to ensure the markets function better have a huge impact on ordinary people. That’s why it’s important we celebrate the act. This kind of policy really doesn’t happen often enough.