CFPB To Launch Simpler Credit Card Agreement Prototype

Law360, New York (December 7, 2011, 3:15 PM EST) -- The Consumer Financial Protection Bureau is launching a new program aimed at simplifying credit card agreements so that consumers can better understand their prices, risks and terms, the agency announced Wednesday.

The recently created CFPB rolled out the simplified agreement initiative as part of its Know Before You Owe program at a news conference in Cleveland, saying it would ask for public comment on a prototype credit card agreement that is shorter and written in plain language. The agreement would also explain key features up-front....
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