The U.S. government created the Consumer Financial Protection Bureau in the wake of the recession and the credit crisis. Its soon-to-be appointed director, Elizabeth Warren, has a clear target in her sights once she assumes office: credit card language.
According to The Associated Press, Warren, whose current responsibilities include organizing goals for the CFPB prior to the beginning of its official oversight, stated that one of the agency's priorities will be simplifying credit card language and contracts. Warren, who takes office on July 21, wants to cut the amount of confusing wording.
"Think about how long a credit card agreement has become - it's become pages and pages and pages of largely incomprehensible fine print," Warren said to the AP. "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 CFPB will provide a wide range of coverage, protecting consumers in a number of financial areas, including credit cards, debt collectors, deposit accounts, mortgages, payday loans and other transactions.