The Consumer Federation of America released the following statement in response to a new CFPB operating circular,” CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products,” issued today.

“Lead generation fees paid by banks to these websites are invisible hands that guide consumers into higher-priced credit cards,” said Adam Rust, Director of Financial Services at the Consumer Federation of America. “But consumers should be concerned that those hands will end up in their wallets, because banks cover the cost of advertising on digital shopping sites by charging higher interest rates. By casting a spotlight on the practices of digital comparison-shopping platforms, the CFPB's circular is an appropriate remedy to a market where so many top 10 lists found on these card comparison sites point consumers to a big bank credit card, even though credit cards issued by smaller banks and credit unions tend to have lower interest rates.”