A Schumer Box is a type of disclosure document that provides consumers with standard information about the cost of a credit card. It is named after Charles Schumer, who was influential in the passing of the Truth in Lending Act (TILA) in 1968, which requires banks and other financial services companies to provide comprehensive information about their products and services. The Schumer Box includes essential details such as the annual percentage rate (APR), finance charges, grace period, and any fees associated with the credit card.
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