CFPB to focus on clearer credit card disclosures
Elizabeth Warren, the Harvard professor tasked with setting up the CFPB, recently spoke before Congress, and revealed that one of the new agency’s main goals will be to make consumer credit card agreements easier to understand. Currently, she says many lenders skirt existing disclosure laws with fine print and other deceptive tactics.
Warren also added that by making prices clearer for borrowers through these measures, it may be able to prevent consumers from stepping into common credit pitfalls, and make it easier to compare a number of different accounts.
President Barack Obama has not yet named a person to head up the CFPB, but many think Warren will eventually be tabbed. Any appointment made would have to be approved by Congress, and a lengthy vetting process is expected before that would happen.