Comptroller urges revamped disclosure for financial consumers

Acting Comptroller of the Currency Julie Williams has urged bankers, government officials and consumer advocates to coalesce their efforts to improve the system of disclosure for financial consumers.

Williams says there needs to be a new approach to disclosures in order to enhance consumer protection. Such an approach will focus on providing information that customers need to make informed choices about financial products.

“The system is on the verge of collapse, not because customers are getting too little information, but because they are getting too much information. That information is not informing consumers, but obscuring what’s most helpful to understanding financial choices,”