Now we want to see the new treasury secretary focus on turning the proposals into actual legislation. Consumers Union believes that the current financial services bill and bankruptcy bill in Congress give unfair advantages to banks and financial firms, while failing to protect the interests of consumers. Consumers should have control over whether and how their financial information is shared. The new treasury secretary should push to require informed consent before banks and other firms share or sell information about consumers' financial dealings. The new treasury secretary should promote access to basic bank services at affordable prices for all Americans.
Consumers are often unaware of hidden terms when swamped with credit card offers.
We would like to see the new treasury secretary call for full disclosure of required payment due dates, applicable late payment penalties, and permanent interest rates. The secretary should also push for consumers to be informed of how long it will take to pay off their credit card bills and how much they will pay if they are only making the minimum payment. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition and other consumer concerns. Since 1936, our mission has been to test products, inform the public and protect consumers.