After conducting extensive consumer testing, we issued a proposal in May that would require credit card issuers to provide clearer and easier-to-understand disclosures to customers. In particular, the new disclosures would highlight applicable rates and fees, particularly penalties that might be imposed.
Various initiatives are already underway to meet the new requirements. I think this is an inspirational example. It shows these aims can be achieved, by the public sector establishing ambitious but feasible deadlines, and the power of the private sector being mobilized to meet them. This could also be true for our aims for financial inclusion.