Prepaid Cards Set Good Example for Simpler Disclosures

March 28, 2012
US Banker (03/12) Tescher, Jennifer; Newville, David  
credit card news

The Consumer Financial Protection Bureau (CFPB) continues to tout the benefits of simplified and standardized fee disclosures for financial products. "This kind of straightforward transparency promotes more informed and more responsible decision-making by consumers across a number of financial markets," according to CFPB director Richard Cordray. But to make a lasting impact, financial providers must perceive the disclosures as more than a requirement: they must view them as an opportunity to positively influence consumers' behaviors and choices. The Center for Financial Services Innovation (CFSI) recently published recommendations for a standardized fee box for general-purpose reloadable prepaid cards. The organization recommends clear and consistent placement of disclosures, as well as thoughtful design, to encourage consumers to actually read them. The CFSI also believes simple, clear, and straightforward language is critical.
Web Link









Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`