On February 19, 2013, the Missouri Credit Union Association (MCUA) filed a comment letter with the Consumer Financial Protection Bureau (CFPB) in response to its request for information regarding certain aspects of the consumer credit card market, including regulatory changes made under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).
MCUA supports the CARD Act’s stated objective of eliminating predatory credit card practices. Further, they believe appropriate and adequate consumer disclosure is a critical component of effective consumer protection. The Bureau has acknowledged that overly complex and unnecessarily long disclosures tend to be less effective in informing the consumer. CUNA is encouraged by the Bureau’s recognition of the counter-productive impact that disclosures can have. However, CUNA asks the CFPB to continue to look for ways in which to improve disclosures, as they relate not only to the consumer but to the pertinent financial institutions as well.
Click here for MCUA’s Comment Letter on this request for information.