Supporting a national call to simplify new account disclosure requirements, the $1.6 billion UW Credit Union of Madison, Wis., said it may be the first in the state to voluntarily adopt new account disclosures designed by consumer advocates to be straight forward and consumer friendly.
Concerned that consumers have had no standardized way to compare checking account offers, The Pew Charitable Trust, a non-profit public policy research group, has recommended the “simple” structure for all banks and credit unions, UWCU said in its announcement.
The Consumer Financial Protection Bureau also recently said that it is looking to implement simplified checking disclosure requirements and may model those requirements on the Pew recommendation.
UWCU said it supports this effort and has voluntarily adopted the model in advance of any government mandate. All consumers can view the new format on the credit union’s website. A simple policies and fees disclosure format will enable consumers to compare checking accounts between financial institutions more reliably, according to UWCU.
“We are committed to business practices that promote the financial well-being of the community and being open and transparent about our policies is one way to help consumers understand financial services and make better decisions,” said Paul Kundert, president/CEO of UWCU. “To my knowledge, we are the first financial institution in Wisconsin to make this information available in this consumer friendly format.”