Contending that credit unions and other financial institutions are coercing consumers into accepting electronic statements, the National Consumer Law Center called on the CFPB Monday to require financial institutions to offer paper documents as the "default option."
"Paper statements may seem old fashioned, but consumers have good reasons to continue receiving them," staff attorney Chi Chi Wu, a co-author of the report, said. "Paper has its advantages."
"The CFPB needs to act to ensure that consumers [are] not coerced into electronic statements," the report stated. "While electronic statements can be a fine option for consumers who choose them, paper should be available for those who do not."
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