Casey Urges CFPB To Standardize Bank Account Disclosures

Law360, New York (June 21, 2012, 5:56 PM EDT) -- Sen. Bob Casey, D-Pa., urged the Consumer Financial Protection Bureau on Wednesday to push banks to adopt standardized, one-page forms to disclose the terms and conditions of consumer accounts, saying current agreements are needlessly long and opaque.

Casey’s letter to CFPB Director Richard Cordray points to a recent Pew Charitable Trust study released earlier in June that reported that checking account agreements in the U.S. weigh in at a median length of 69 pages.

“Terms are often presented in lengthy documents, which can be hard to...
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