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CFPB Proposes 2-Page Credit Card Statement

Posted on 12/7/2011

The Consumer Financial Protection Bureau (CFPB) has unveiled a proposed two-page simplified credit card agreement intended to make it easier for consumers to understand prices, risks, and terms. The proposed agreement highlights the costs, such as the annual percentage interest rate on purchases, cash advances, and balance transfers, in large type. It also uses plain language to explain how the interest rate is calculated, why late fees are assessed, and how billing disputes are handled.

ABA Chief Counsel and Executive Director Ken Clayton said, "the model released by the Bureau is a good first step, but could be made even shorter, as well as less susceptible to costly lawsuits and the higher consumer prices that come from them. We look forward to working with the Bureau to ensure disclosures provide exactly what our customers need and want to know, while maintaining consumer access to competition and choice in the marketplace."

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