CFPB Releases Model Credit Card Disclosure Form
On December 7, the Consumer Financial Protection Bureau (CFPB) released a prototype consumer credit card agreement. The two-page form, which contains only 1100 words, is divided into three separate sections: costs, changes and additional information. The CFPB has solicited public comment on its website with respect to the prototype.
Many typical credit card disclosure terms, such as "cash advance", "balance transfer" and "default" are not defined in the prototype. Rather, the model directs the consumer to review the CFPB's Definition of Credit Card Terms to understand their meanings.
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