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12/12/2011 -
The fledgling U.S. Consumer Financial Protection Bureau is only beginning to get its regulatory feet off the ground. However, the watchdog agency's considerable range of powers has not been without controversy.Last week, the CFPB released a draft for a credit card agreement written in plain English. The document is designed to clearly elucidate the terms of a credit card contract to customers and cardholders. While the agency has not issued any sort of mandate on adhering to the template, widespread adoption could help customers comparison shop for credit cards and other financial products.
Speaking for the banking industry, the American Bankers Association acknowledged that the agreement prototype was a "good first step" but warned that such a mandate could open card issuers up to lawsuits.
"The rollout of the sample credit card agreement comes as the White House urges the Senate to confirm Richard Cordray to head the consumer bureau," report Candice Choi and Julie Pace for The Associated Press. "Republicans have said they will block confirmation of anyone to head the agency until other regulators and Congress have more control over the bureau."
