ASIC announced it has accepted a court enforceable undertaking (EU) from Commonwealth Bank of Australia (“CBA”) following concerns that a message sent to its internet banking customers was misleading. The message sought customers’ consent to receive credit card limit increase invitations. New laws commencing on 1 July 2012 prohibit card issuers from sending unsolicited credit limit increase invitations to their customers unless the customer has consented. On 12 and 13 December 2011, CBA sent messages via its internet banking platform to customers notifying them of the changes to the law regarding credit limit increase invitations. CBA requested that customers provide their consent to continue to receive credit limit increase invitations. Approximately 96,000 customers provided their consent. ASIC formed the view that the messages were misleading as they: (i) suggested that if CBA’s customers did not complete the electronic consent in response to the message they would lose the chance to receive credit limit increase offers; (ii) suggested that if they did not consent, customers would miss out on opportunities to access extra funds should they need them, and (iii) created the impression that customers needed to act urgently, which may have led customers to respond without properly considering their options.