A mandate in the Credit Card Accountability Responsibility and Disclosure Act of 2009 required the Government Accountability Office, or GAO, to conduct a study of the terms, conditions, and marketing of debt protection products and credit insurance for credit cards and the value they provide to consumers. The GAO has recently completed the study.
The GAO recommended that the CFPB take the following two actions:
- factor into its oversight and regulation of credit card debt protection products, including its rulemaking and examination processes, a consideration of the financial benefits and costs to consumers, and
- incorporate in its consumer financial education efforts ways to improve consumers’ understanding of credit card debt protection products and their ability to assess whether or not the products represent a good choice for them.
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