Today in competent regulation:
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation announced the agreement Monday, following a joint investigation that found Discover’s telemarketing and sales strategies misled consumers about additional products that can be bought when opening credit cards.
The agencies said Discover telemarketers used deceptive language to convince cardholders to pay for identity theft protection, credit score tracking, wallet protection, and payment protection, which lets certain cardholders defer credit card payments for up to two years.
I understand that those of us who are sufficiently financially savvy can see through this sort of marketing pitch. We expect the credit card companies to try to rip us off. But … we shouldn’t have to. We shouldn’t need to approach the financial industry with the same degree of cautious skepticism we use for carnival games.