Tag Archives: credit cards
Say What? The CFPB Unravels Credit Card Agreements
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…)
Credit Cards Starting to Simplify Disclosures
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…)
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