CFPB Proposes Simplified Card Agreement

The Consumer Financial Protection Bureau this week proposed a sample simplified credit card agreement template.  CFPB's stated goal is to make credit card agreements short, clear, consumer-friendly, and consistent.  The proposed template contains references to key terms, defined in a separate list.  CFPB seeks public comment on the proposed template, and refers the public to its card agreement database for a comparison of current card agreements.  CFPB is testing the proposed template with the Pentagon Federal Credit Union.

The proposed template credit card agreement is part of CFPB’s Know Before You Owe campaign, which has also included proposed reforms related to disclosures for mortgages and student loans.

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