Consumer complaint received 2022-07-04
Company: U.S. BANCORP
State: WA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Unexpected increase in interest rate

Complaint:
XXXX XXXX ( U.S. Bank ) Transfer to XXXX : Why isn't the Federal CFPB providing Proper Oversight and Requiring Complete Disclosure of the Transfer of Service & Terms from U.S. Bank to XXXX XXXX??

Why is there Only ONE Disclosure of " New '' XXXX XXXX Credit Card Terms and NO Disclosure of Previous/Existing " Old '' U.S. Bank Terms & Fees ? 
So Consumers can Quickly and Simply Understand the DIFFERENCES in APR %, APR Balance Transfer, APR Cash Advances, Paying Interest ( i.e. Due Date Billing Cycle ), Fees ( Annual, Transaction Fees [ Cash Advance & Balance Transfer ] and PENALTY FEES ( Late Payment and/or " Surrender Fees '' ( If consumer quits or drops Credit Card Service in 12 months or less? ) from the OLD ( XXXX XXXX " U.S.Bank '' ) to the NEW ( XXXX XXXX " XXXX XXXX '' ) and DISPLAY/Print the DIFFERENCE ( Increase or Decrease ) in APR Rates, Billing Cycle Days and Fees.

Like the Mortgage Industry is required to follow TILA " Truth In Lending Agreement '' rules and full transparent disclosure of terms... WHY Isn't there a FULL DISCLOSURE REQUIREMENT COMPARISON REQUIRED with a Simple COMPARISON CHART provided that shows the CHANGES in Important Terms so Consumers can make an EDUCATED DECISION on if they wish to Continue with the " New '' XXXX XXXX XXXX Terms or Decline and Seek Another Credit Card. 

As it stands... XXXX XXXX XXXX in a " Heavy Handed Approach '' IMO is PUSHING People to take Action " Action Required '' by XX/XX/2022 WITHOUT FULLY EXPLAINING THE DIFFERENCES from PREVIOUS RATES, TERMS & FEES To FUTURE RATES, TERMS & FEES... 

It is CLEAR that this is PURPOSEFUL OMISSION OF CRITICAL FACTS " Half Truths '' that are Presented to Consumers so Credit Card Companies Do Not Loose Customers. 
It is Not At All Unreasonable to Make Such a Request and the " cfpb '' ( consumer financial protection bureau ) should be at the forefront to ENFORCE this Standard Full Disclosure and Transparency Requirement ( Much Like the Mortgage Industry TILA as stated above ). 

The Current XXXX XXXX XXXX XXXX from " U.S. Bank '' to " XXXX XXXX '' SHOULD BE HALTED by the CFPB until FULL DISCLOSURE OF TERMS COMPARISON DIFFERENCES ( In Simple Chart/SpreadSheet Form ) is presented to the Current Customer Base!! This should be a XXXX XXXX to Provide " Comparison Data '' for ALL Credit Card Service Transfers between Companies or Subsidiary Companies. 

I am amazed that this [ SIMPLE Terms XXXX XXXX XXXX ] has not been thought of before... or it has been suggested and " repressed '' for long forgotten reasons... In Short ... AS THE PROCESS NOW STANDS... IT IS ONE SIDED MISREPRESENTATION and NON-TRANSPARENT Disclosure of the Current Transfer Process with a " Heavy, High-Pressure Approach '' to get Consumers to Commit to " Action Required '' by XX/XX/XXXX to New Credit Card Terms without Proper Explanation of " AS IS TERMS '' And " TO BE TERMS ''!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation