The head of the U.S. Consumer Financial Protection Bureau said the agency will seek to improve how banks disclose fees and rules for checking accounts to their customers, its de facto chief said today.
“Making prices clear is good for consumers and good for competition,” Raj Date, the adviser to the Treasury secretary who is running the consumer bureau in the absence of a permanent director, said in an e-mailed statement. The bureau will launch a project “focused on increasing checking account transparency,” Date said.
The bureau has already announced similar initiatives, dubbed “Know Before You Owe,” for model disclosure forms on mortgages and student loans.
Senator Richard Durbin, an Illinois Democrat, urged Date to take this step in a letter today. The agency should “move swiftly to require financial institutions to post on their websites a standardized, concise and consumer-friendly disclosure form that list the fees and key terms associated with checking accounts,” Durbin and Senator Jack Reed, a Rhode Island Democrat, wrote in the letter.
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