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There have been several public-interest reports and scorecardings of the readability/unreadability of the language in various consumer/financial contracts (the
by smcin 2y ago
There have been several public-interest reports and scorecardings of the readability/unreadability of the language in various consumer/financial contracts (the grade-level required to understand it x the number of minutes/hours to read it).
- steveBK123 2y agoYes and ARMs got a simple one-pager treatment post-GFC thanks to the CFPB. I'm just saying that "6th grade reading level" is extremely basic level of literacy that a lot of contracts probably couldn't be easily communicated to that level.
- smcin 2y agoAgreed. Lots of people/bodies/academics have measured contract readability; I didn't say the US CFPB was the only arbiter. Lina Khan seems to be one of the bigger contributors to curbing excesses, at least in the domains she's authorized to, and she may not keep her job in the next admin. (As to ARMs, from the regulator point of view, much of the economic damage done is in the rear-view mirror; the next big thing is presumably student loans.)