Snap-O Fact #8
Post date: Dec 07, 2011 3:38:38 PM
Snap-O Fact #8
The Obama Administration created a consumer-friendly credit card rating system.
Under the Obama Administration the"Federal Trade Commission (FTC) will assess the degree to which credit cards meet consumer-friendly standards … (such as) the underwriting standards used to issue the card, the card's interest rate spread between the introductory rate and the maximum rate allowed, and transaction fees. ... Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents."
Sources:
Interview with Kathleen Day, spokeswoman for Center for Responsible Lending, Oct. 17, 2011
Interview with Travis Plunkett, legislative director for the Consumer Federation of America, Oct. 17, 2011
White House Press Office, Remarks of the President after meeting with representatives of the credit card industry , April 23, 2009