This Bloomberg Businessweek article features CFSI's new model fee disclosure box and the resulting implications. Calling it the “boxification” of consumer finance, the article points out to protect consumers, there’s been a big push to standardize disclosure of fees, penalties, and other charges—which often end up in a box in the promotional literature or agreements. The idea is that if all the costs are clearly displayed, consumers can choose the version of the product that best meets their needs and compare similar offerings. The disclosures have typically been imposed by regulators and lawmakers. Now the prepaid card industry is trying to get ahead of government overseers. Three prepaid providers—Green Dot, Plastyc, and Ready Credit—have committed to test or adopt a new model fee box designed by CFSI.
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