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Warren Praises Card Issuers at CFPB Conference

Posted on 2/23/2011

White House adviser Elizabeth Warren yesterday praised card issuers during a Consumer Financial Protection Bureau conference to assess the Credit Card Act one year after many of its provisions were enacted.

"The data we have assembled indicates that much of the industry has gone further than the law requires in curbing repricing and over-limit fees. Leaders in the industry deserve credit for moving in the right direction," said Elizabeth Warren, who is overseeing the establishment of the CFPB. "Our next challenge will be about further clarifying price and risk and making it easier for consumers to make direct product comparisons," she said.

Ken Clayton, ABA EVP and general counsel for card policy, said the act's improvements in transparency and increased protections against interest rates and certain fees have given consumers greater control over their credit card accounts.

"It is also clear, however, that these benefits have not come without tradeoffs, including a reduction in available credit for many consumers and increased prices." Clayton said. "Recent data indicates that the cost of credit and its availability have been negatively impacted by the act, particularly for working class Americans ." Read Warren's remarks. Read Clayton's statement.



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