Follow Us: Google+
 
Bankrate.com

checking

Consumer protection superagency created

Make financial disclosure understandable
Next
3 of 9
Back

If you've ever read a credit card disclosure, you know that it's not written to be clearly understood by a layman. Because most of us don't have teams of lawyers to read and interpret the complex legal documents that confront us when we try to access credit, the new law tasks the consumer protection bureau with policing financial disclosure to make sure it's clear, comprehensive and accurate.

To do this, the consumer protection bureau will develop models for financial companies to follow, something like the standardized nutritional labels on food but for financial products instead. The resulting disclosures must meet the following requirements, according to the act:

  • Use plain language.
  • Have a clear format and design, such as an easily readable font.
  • Be as succinct as possible.

The new models will be subjected to consumer testing to make sure they actually meet these requirements.


 

 

advertisement

Show Bankrate's community sharing policy
            Connect with us
Compare Checking Rates



advertisement
Most Read
  1. Beach towns with bargain homes
  2. 6 tips for successful yard sale
  3. Nick Nolte's house for sale
  4. 5 costliest tickets for car insurance
  5. 7 sedans for the young at heart
  6. 5 car models that lose value
  7. Ali Landry's house for sale
  8. Headlight requirements by state
  9. 9 gas-only, fuel-efficient cars
  10. 8 eerie ghost towns
Savings Overnight Averages
Product Yield +/- Last week
MMA
0.48% 0.49%
$10K MMA
0.47% 0.48%
MMA jumbo
0.61% 0.62%
Interest checking
0.51% 0.51%
Compare rates:
Don Taylorsavings
You've matured, but maybe not those savings bonds you received as a kid.
advertisement
JPMorgan Chase shareholders reject proposal to split chairman and CEO positions.
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.