According to Elizabeth Warren, proposed changes to the way banks issue credit cards won't just help consumers, they should level the playing field in a competitive industry. In a published interview with American Banker's Cheyenne Hopkins, the government advisor tasked with setting up the new Consumer Protection Financial Bureau shared some insight from her early discussions with banking business leaders. So far, Warren says, she has heard from at least one CEO who cited his competitors' hidden service fees as a reason why banks remain reluctant to fully disclose the real costs of carrying a credit card.

Warren told American Banker that a shift toward full disclosure can help banks eliminate the pages of fine print that accompany most credit card applications. With bank CEOs expressing concern about their industry's reputation, Warren shared her optimism that lenders can focus on fair competition by providing innovative technology and customer service. The full interview with Elizabeth Warren appeared in the November 10, 2010 edition of the daily trade newspaper.

About the Author


Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.