Top target
November 12, 2010 | Financial Reform Bill - CFPB, alternatives | Comments (0)It’s important to note that the CFPB has other targets. One of the top targets–in addition to mortage makers–appears to be credit cards. From the story:
Though the Consumer Financial Protection Bureau has jurisdiction over a wide range of financial products, Elizabeth Warren is making credit cards her top priority.
Warren, the administration official in charge of setting up the new agency, said she wants to revamp card disclosures in order to make them easier to understand, as well as eliminating all hidden costs and fees. In many ways, she said, the effort is symbolic of the agency itself.
“Credit cards can help point to an overall philosophy for the agency,” Warren said in an interview. “The main principle is to make credit markets work for families. What does it take to be able to do that? A family should be able to see the price, see the risk and make apples-to-apples comparisons among products.”
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