Tag Archives: Consumer Financial Protection Bureau
For the past year, the Consumer Financial Protection Bureau, working with Kleimann Communications Group, has run extensive usability testing with consumers throughout the U.S. on the proposed new mortgage disclosure form. This form combines the original Truth in Lending disclosure and the Good Faith Estimate into a single three-page disclosure. Because purchasing a home is likely to be the most expensive and daunting purchase most of us will ever make, it’s critical that we receive clear, usable information that will allow us to compare rates from one lender to another and know exactly the fees we are paying. This new form will help us do that. (more…)
The Consumer Financial Protection Bureau (CFPB) wants public input about your experience with private student loans, by January 17, 2012. (more…)
The Consumer Financial Protection Bureau (CFPB) has now added credit card agreements to its list of consumer-centered communication. The Bureau is asking for public comments about their prototype at www.consumerfinance.gov/credit-cards/knowbeforeyouowe/
Here’s an explanation of their new focus from Marla Blow, Acting Assistant Director, Card Markets, CFPB. (more…)
An article this week on www.creditcards.com outlines steps some credit card companies are taking to simplify credit card agreements, in advance of anticipated guidance from the new Consumer Financial Protection Bureau.
Research on credit card use shows that even sophisticated users have trouble understanding complex payment algorithms and risks. Obviously, consumers are at a further disadvantage when they can’t decipher benefit term agreements that may not be in their best interests. (more…)