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.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
