I would have no problem with a requirement that we print a disclaimer on credit card statements that said "WARNING - If you make only your minimum payment, it will take you a very long time to payoff this balance and it will cost you a great deal in interest charges."
The problem with this law, and the one that the "consumer advocates" didn't seem to get was the REQUIREMENT for the PERSONALIZED schedule for repayment as well as the 24 hour staffing to answer detailed inquiries.
IMHO, the banking industry would have accepted a requriement for a generalized warning, and even, perhaps, the requirement that the consumer could request a repayment schedule to be mailed to them by sending in a request or pressing an option on a voice response system.
The requirements in this particular proposal were simply unrealistic. But of course, the "advocates" will use this as an example of how greedy and uncaring banks are.
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'