Consumer Financial Protection Bureau to target credit card industry
Elizabeth Warren, a former Harvard professor, has been charged with setting up a new federal agency that will attempt to keep consumers from garnering credit card debt.
Warren, who was made the inaugural leader of the Consumer Financial Protection Bureau in September, plans to clear up ambiguity within the credit card and mortgage loan industry.
“We want to focus on the consumer-credit products that families deal with nearly every day,” said Warren. “We know when costs are clear, some will dial back, some will purchase less and some will use a different payment method.”
The agency plans to cut down fine print in credit card agreements to eliminate consumer surprises, according to Marketwatch. In regards to mortgages, Warren wants to put forth regulations that would make it easier for prospective buyers to see costs and analyze risks. Warren also stressed the company would look toward building an agency for the Internet age.
The CFPB is an independent government agency put in place by President Barack Obama and housed in the Federal Reserve.