New Regulation on Credit Card Disclosure

It was with great interest, both general and vested, that I read today’s announcement of Finance Minster Flaherty’s release of new regulations that govern credit card disclosure practices .  As both a blind consumer and CEO of a company assisting institutions in delivering information accessibly, I applaud the introduction of a regulation that mandates the clear and effective communication of critical information.

As one of the 12.8 million blind and partially sighted North American consumers that cannot read conventional print statements, I am unable to independently access my personal account activity, ultimately face a greater risk of fraud and identity theft, and do not receive notice of these disclosure details, regardless of how clearly they are displayed.

Finance Minister Flaherty is to be commended for his decision to insist that organizations more effectively communicate interest rates, annual fees, and penalty charges to consumers, but should also consider that the method of communication be as accessible as the content itself. It is essential to ensure that all customers have an equal opportunity to review and respond to credit card detailing, especially given these uncertain economic times.