In The News
John P. Kromer quoted in PaymentsJournal article, “The BCFP’s 'disclosure sandbox' is shovel ready – Who will be the first!”
PaymentsJournal
John P. KromerJohn P. Kromer was quoted on November 28, 2018 in a PaymentsJournal article, “The BCFP’s 'disclosure sandbox' is shovel ready – Who will be the first!” which discussed the agency’s program that would allow companies to experiment with new product disclosures to consumers. The article stated, “The bureau is working to finalize a proposed ‘trial disclosures sandbox’ program that would allow companies to test alternatives to prescribed methods or industry standards. The idea is to allow companies a two-year trial period to experiment with ‘plain English’ product and fee disclosures, alternate formats or delivery methods without fear of CFPB enforcement.”
Kromer noted, “There hasn’t been a lot of progress yet in harnessing technology to make disclosures more accessible, more meaningful, more usable. In many respects you have an accumulation of additional requirements that arose out of Dodd-Frank but insufficient effort to utilize the tools new technologies offer to improve the consumer experience.”