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The Consumer Financial Protection Bureau, or CFPB, wants consumers to know the specifics of a credit card's cost before applying for the card, according to an article by The Associated Press.
The CFPB, a new consumer watchdog agency set to open this summer, would like consumers to know the exact interest rate and credit line of a credit card before they apply for a card, according to the AP.
Currently consumers learn of the precise interest rate and credit line of a credit card after their card application has been processed.
The CFPB also is considering making changes to the summary of rates and fees that appear in credit card marketing materials and developing easier-to-understand legal disclosures for new card customers, according to AP.
These changes to credit card disclosures would be in addition to sweeping new rules that took effect last year.
New disclosure rules for credit card solicitations, agreements and periodic billing statements took effect on July 1, 2010 as part of reforms approved by the Federal Reserve Board in December 2008.
This sample credit card offer from the Federal Reserve site highlights changes to credit card offers. And this feature from Bankrate details the changes to credit card billing statements.
