Regulatory Comment: Consumer Financial Protection Bureau -- Streamlining Inherited Regulations

Mar 02, 2012

Pew’s Safe Checking in the Electronic Age Project is engaged in research related to the financial access activities that fall within the Consumer Financial Protection Bureau’s  (CFPB) scope. This project has conducted extensive research on the terms and conditions of checking accounts. This research can inform the CFPB’s efforts to streamline inherited regulations.

Pew is urging the CFPB to streamline the Truth in Savings Act (TISA)

  • by requiring all financial institutions to provide consumers with a short, clear, and understandable summary of key terms, conditions, and fees and,
  • by requiring the use of standard language to describe overdraft penalty fees, overdraft transfer fees, and extended overdraft fees.
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