The federal agency tasked with helping protect consumers from troublesome loan agreements and credit card debt is still focused on making contracts for cards easier to understand.
Even as the federal Consumer Financial Protection Bureau has tackled a number of other credit-related issues facing Americans, it has not forgotten its task of simplifying credit card fee and rate disclosure documents, according to a report from Dow Jones Newswire. A number of prototypes for such agreements were introduced soon after the CFPB gained full regulatory power, but the agency has also turned its attentions to other matters.
“My view continues to be that the consumer ought to be able to read the contract and we can … create a document that is [binding],” Marla Blow, assistant director of card markets for the Consumer Financial Protection Bureau, said during a recent presentation, according to the news agency. Clearer understanding of the terms of the accounts they are signing on to may be a boon for consumers, and could lead to fewer needing to seek significant debt relief measures as a result of extremely strained finances.