Ronald Mann, one of the nation’s leading experts on payment systems and author of Charging Ahead!, a book due out later this month, shares his thoughts about a new report from the Federal Reserve on credit cards: The debates leading to BAPCPA gave short shrift to the idea that credit cards might have something to do with skyrocketing bankruptcy filing rates. Section 1229 of BAPCPA, however, did obligate the Federal Reserve to study the industry, in response to a sense of the Congress that some issuers might extend credit without considering the likelihood of repayment or in a way that encourages the accumulation of debt and that those practices might be a major contributing factor to consumer insolvency.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250380