The Consumer Financial Protection Bureau (CFPB) is soliciting feedback and comments from consumers about a news and simpler format for credit card agreement. That’s a terrific idea.
Even more impressive is the public database they maintain with over 300 current agreements from banks all over the U.S.
The CFPB is soliciting comments and you can post one online right here.
We developed a shorter, simpler credit card agreement that spells out the terms for the consumer. Note that this is not a model form, and use is not mandatory. Our prototype is shown here. We believe our approach will help consumers better understand their credit card agreements. Tell us what you think of it.
It would just be pretty darn cool to actually have a simplified agreement that gave people a fighting chance of understanding the terms of the credit card offer. Right now the agreements are so long, such fine print, and beyond what the average person would even bother to read.