Consumer Advisory Board – CFPB Encourages Credit Card Companies to Consider Zero-Interest Promotions in Place of Deferred-Interest Programs

On June 8, 2017, the CFPB held a Consumer Advisory Board meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press release a sample letter that Director Cordray sent to “top retail credit card companies” expressing concern about their use of deferred-interest programs and encouraging them to consider using more transparent promotions.

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