For many years, the Federal Reserve and other federal agencies with responsibility for formulating required disclosures of financial information were tone deaf. They decided on the information borrowers should have without ever asking borrowers what they wanted, and without testing to see whether the information the agencies had selected for them was useful or even understood. For this they were much criticized, and rightly so.

But this has changed. In recent years, the Federal Reserve in particular has gotten religion, and their latest proposals to reform the Truth in Lending Act are replete with references to the results of consumer testing. Many of the Fed’s proposals are the direct result of listening to consumers.

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