Consumers To Make Suggestions on Financial Reform - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Consumers To Make Suggestions on Financial Reform

Consumers To Make Suggestions on Financial Reform

Consumers To Make Suggestions on Financial Reform
The content is accurate at the time of publication and is subject to change.

Consumers, make your voices heard.

Elizabeth Warren, the head of the Consumer Financial Protection Bureau, is asking current and future credit card users to make suggestions for the bureau via its website and social networking sites. The bureau’s mandate begins in July.

The bureau plans on hearing the voices of consumers to develop plans to protect them against the deceptive practices of the financial industry.

Warren has already proved herself as a consumer advocate. She has requested that credit card companies reveal credit limits and interest rates in marketing materials before the consumer applies. She has also asked for all credit card agreements to be written in simple English that all people can understand. For example, the fees and interest rates charged for balance transfers and cash advances do not appear in the same section of the summary disclosure. A change in the language of credit card agreements would put the important pricing information next to the services.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, under which the bureau was formed, promotes “fairness and transparency for mortgages, credit cards and other consumer financial products and services,” according to the U.S. Department of the Treasury.

Currently, when consumers sign up for credit cards, they learn the APR and the credit limit only after they are approved. A card issuer must review an applicant’s credit reports in order to guarantee credit card approval. When this happens, the applicant’s credit score takes a small dip, even if they were approved. But the bureau has not cleared up how credit scores will be affected as a result of impending changes. The bureau is trying to end this cycle of credit card companies taking advantage of consumers.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Newly Revamped Hawaiian Airlines World Elite MasterCard

Posted: July 20, 2018

Vacationing in Hawaii can be a dream for many, and those with the recently upgraded Hawaiian Airlines World Elite MasterCard and Hawaiian Airlines Business MasterCard can earn miles towards a trip quicker with the cards newly revamped ... Continue reading
Getting Cash Back When Flying With Aerolineas Argentinas

Posted: July 19, 2018

There is a new Amex Offer on the table for people who are thinking about flying with Aerolineas Argentinas, giving them $100 in cash back when booking flights with the airline. To get the deal, travelers must spend $500 or more. Continue reading
American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!