In assisting Minh, you have fulfilled most of the CBP disclosure requirements. These requirements specify the type of information you need to provide to customers and when it needs to be provided.

There is also a CBP provision that relates to the cost of credit. Under the CBP, the Bank must make available to customers, or appropriate external agencies, the interest rates and standard fees and charges applicable to a credit service. The agency or customer can then use this information to prepare or determine a comparison rate.

As the name suggests, a comparison rate is designed to enable customers to compare and contrast the cost of credit between different financial institutions. The comparison rate is designed to take into account the total cost of credit because the calculation takes into account fees, charges and interest rates.