The Federal Reserve has an important role to play in this regard, as it has been given a mandate by the Congress to help ensure that the costs and terms of credit use are both transparent and understandable and to protect consumers from unfair and deceptive lending acts and practices.
To quote Jose Viñals, who is speaking later this morning, what is needed is “to see both the forest and the trees”. Europe has been the epicentre of the crisis in the past two years.