We must seek to carry out the responsibilities Congress has given us to design disclosures that are not only accurate, but also clear and simple enough that they are meaningful and useful to consumers. Pages of fine print that provide comprehensive descriptions might satisfy lawyers, but the legalese needs to be translated into something consumers can use.
This requires the Board to make judgments about which credit terms are most important to highlight and which could be eliminated. We plan to make these judgments with the benefit of surveys of actual consumers and extensive consumer testing.