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Consumer Bureau Policies Could Help Cut Debt

Posted by Bill Crowley on December 3 2010 @ 11:05 am

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New White House bureau could help consumers against debt-inducing credit card practices. Consumers facing debt and foreclosure may soon be getting help from a newly created government agency.

Elizabeth Warren, a White House adviser and head of the Consumer Financial Protection Bureau, vowed in a speech on Thursday to pursue policies that could help consumers cut credit card debt.

"Right now, across America, families are saving money because the CARD Act makes credit cards safer for consumers and makes it harder for card issuers to hide the real cost of credit," she said to members of the Consumer Federation of America in Washington, D.C. "Every customer should be able to compare different financial products straight up."

In her speech, Warren detailed her beliefs that the Credit CARD Act of 2009 did not go far enough in clearing up the language in credit card applications and agreements, Bloomberg reports. She also took aim at banks JPMorgan Chase, Bank of America and Citigroup for their involvement in the current foreclosure crisis.

Warren also chided lawmakers bent on repealing the bill, the news source says. However, it was unclear when any new legislation would be initiated.

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