CFPB Unveils Sample Credit Card Disclosures

The Consumer Financial Protection Bureau (CFPB) has begun another stage of its “Know Before You Owe” project, unveiling a two-page credit card disclosure that clearly lays out the key terms that consumers need to know.

The sample form divides credit card information into three sections: Costs, Changes and Additional Information.

The Costs section lays out interest rates and related charges tied to purchases, balance transfers, and cash advances, and provides information on returned payment fees, replacement card fees, rush card fees, and foreign currency transaction fees. Payment deadlines and possible late payment issues are also explained on the form.

The form also addresses changes that could be applied to the credit card account, including penalty interest rates and other interest rate changes, credit limit changes, fees, and other terms.

Cardholder and card issuer rights are explained in the Additional Information section. Consumer privacy rights and other terms of the credit card agreement are also addressed.

The CFPB has launched a testing program with one credit card issuer and has also released the sample form for public comment. The CFPB said it ultimately would not set the terms of card products, and credit card issuers will “have total control of terms within the limits of existing law.”

Click here to read about the CFPB Credit Card Disclosure Project.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.