So we propose to severely restrict the sharing of medical information within financial services conglomerates. You should not have to worry that the results of your latest physical exam will be used to deny you a home mortgage or a credit card. There are many other important protections for medical records that ought to be put in place. Because Congress has given me the authority to act if it does not do so by August, one way or another, we will protect the privacy of medical records this year. Second, we must require greater public disclosure and enhance every consumer's right to know.
Some offers contain new traps for the unwary.
For example, sometimes credit card companies advertise low interest rates known as teaser rates, to reel in consumers who then are surprised with unexpected interest rate hikes. We believe any marketing of teaser rates for credit cards should include equally prominent notice of their expiration date, their eventual annual percentage rate, and any penalties, that apply. Millions of consumers have also found out the hard way that making only minimum payments rarely helps retire debt and almost always results in very large interest payments. So we will require clear notice of how long and how costly repayment would be if the consumer makes only the minimum payment. Third, we have to do more to combat consumer fraud.