Comment on CFPB-2012-0015

Document ID: CFPB-2012-0015-0002
Document Type: Public Submission
Agency: Consumer Financial Protection Bureau
Received Date: April 12 2012, at 12:00 AM Eastern Daylight Time
Date Posted: April 12 2012, at 12:00 AM Eastern Standard Time
Comment Start Date: April 12 2012, at 12:00 AM Eastern Standard Time
Comment Due Date: June 11 2012, at 11:59 PM Eastern Standard Time
Tracking Number: 80fee5e0
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This is comment on Proposed Rule

Truth in Lending (Regulation Z)

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A 25% cap seems like authorized robbery to me. And, probably robbery of those who can least understand what the rate/charges are (elderly, poor, minimumally educated). Well, if the banks want to charge people the maximum amount (25%) perhaps: 1- they should be required to clearly tell customers the total of the rate and fees at least 60 days PRIOR to creating a new charge. 2- provide clear EXAMPLES of what is going to happen-(personally, I think the gov't [you] should create/author these examples and all financial institutions should have to include them. That way it can be a one page , easy to understand, LOOK OUT FOR THIS CRAP, and call us if there is a problem, here is our number... message) 3- tell the customer what options are available to them , including finding another financial institution 4- Financial institutions should have to report the demographics of who they are charging these fees. If they are targeting certain groups, I hope you have the power to shut them down.