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Emerging Issues

CFPB – Credit Card Market

The Consumer Financial Protection Bureau (CFPB) is requesting public comments on various aspects of the consumer credit card market. This is pursuant to the biennial review required by Section 502 of the Credit Card Act of 2009 (P.L. 111-24; signed into law on 05/22/09).

Comments are requested on the areas listed below.

  • Term and Practices
  • Disclosures
  • Protections
  • Safety and Soundness
  • Changes Since 2021
    • Cost and Availability
    • Risk-Based Pricing
    • Card Innovation
  • Other
    • Any other aspects of the consumer credit card market that may be relevant to the CFPB’s review.

Comments are due by April 24,  2023

Reference: Federal Register; January 27, 2023: pp. 5313-5315

Compliance Questions & Answers

Question / TISA.

A bank would like to offer a limited time certificate of deposit special. When it comes to advertising on the bank’s website, would it be acceptable to include the “triggered terms” in a link or do they need to be on the same screen with the annual percentage yield (APY)? For example, the “triggered terms” could be accessible by clicking on the link labeled “Disclosure.”


Linking to the additional required terms is allowed, but the link must take the consumer directly to the additional information (not some chain of multiple links to get there). Also, just labeling the link as “Disclosures” might not be clear enough to at least some average consumers. It might be better to have something like, “For additional information, click here” with the link embedded in the last word.

Question /Regulation D.

Does a business customer that is a DBA with an Employer Identification Number (EIN) still qualify for a NOW account? Normally, DBAs are registered under the owner’s Social Security Number (SSN).


Whether an SSN or EIN is used for the account is not the governing issue. The key is whether the DBA is a sole proprietorship or not. If it is, it qualifies for a NOW. If it is a partnership or a corporation (Inc., LLC.) it does not qualify for a NOW, but does for an interest-bearing DDA, as does anyone.