Consumer Bureau Introduces 2-Page Credit Card Agreement
December 7, 2011
The Consumer Financial Protection Bureau on Dec. 7 introduces its new credit
card agreement, which is easier to understand. The abbreviated form decreases
the lengthy credit card disclosures from 5,000 words to about 1,000 in a
two-page document. The agency is unveiling its "Know Before You Owe" campaign in
Ohio, just one day before the Senate is scheduled to vote on whether to confirm
Richard Cordray as the bureau's first official director. Forty-four of 46 GOP
senators have pledged to block confirmation of the director unless the bureau's
structure and funding are dramatically scaled back. "Every day we go without a
consumer watchdog in place is another day when a student, or a senior citizen,
or member of our Armed Forces could be tricked into a loan they can't afford,"
warned President Barack Obama. He has promised to veto any measure that would
delay, defund, or dismantle the new rules set up by the Dodd-Frank financial
overhaul. A recent report by the bureau found that there is widespread confusion
over credit card terms.
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