01.07.2011
Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB), recently spoke at the second event in the Women in Finance Leadership Series at the Treasury Department.
Professor Warren outlined the CFPB’s mission and its overall objectives for 2011.
“Speaking to a crowd in Treasury’s Cash Room, Professor Warren discussed her efforts to stand up the CFPB as a data-driven agency that can make consumer financial products more transparent and help level the playing field for American families,” wrote Rosie Rios in a blog entry on the U.S. Treasury Department’s website.
Warren highlighted the issues that the CFPB will be focusing on in the near future, including shortening and simplifying current cardholder agreements.
“The CARD Act also improved consumer disclosures, particularly on the monthly statement,” wrote Rios. “Nonetheless, during the transition to the new rule, some issuers developed new techniques for continuing similar exploitive practices… The new consumer agency will focus on reducing long, complicated, fine-print-laden credit card agreements and making the pricing more transparent.”
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The CFPB aims to clarify card costs for consumers so that they are better able to weigh various payment card options.
For more on the issues the CFPB is looking to tackle in the coming months, click here.
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