Elizabeth Warren, the special advisor in charge of setting goals for the Consumer Financial Protection Bureau ahead of its official start, recently said that the agency will make clarifying credit card agreements its top priority when it gains regulatory powers on July 21, according to a report fromthe Associated Press. In particular, she wants the CFPB to weed out tricky tactics that add to consumers' credit card debt, and minimize fine print.
"Think about how long a credit card agreement has become – it's become pages and pages and pages of largely incomprehensible fine print," Warren told the news agency. "In effect, it's paperwork that says 'Don't read me,' and that's a real problem. Because hiding in that fine print can be anything."
The so-called Schumer Box is already found on all credit card agreements, and spells out its basic terms, but critics say that lenders still find a way to add hidden fees and interest rates to consumers' credit card debt.