Financial Reform Transparency

The White House on Wednesday released a plan for protecting consumers from deceptive financial practices that calls for greater disclosure, or, "transparency," as President Obama likes to say.

The White House on Wednesday released a plan for protecting consumers from deceptive financial practices that calls for greater disclosure, or, "transparency," as President Obama likes to say.

The plan aims to increase transparency by requiring that all disclosures and other communications with consumers are clear and conspicuous in identifying costs, penalties and risks.

"The sale of more complicated products would [be] subject to additional scrutiny and require additional disclosure to customers," according to The Washington Post.

But given that postal mail is going the way of the dinosaur, consumers may not see such communications or disclosures no matter how big and clear the fine print is.

The Financial Services Roundtable, an industry group, recommends disclosures be sent via e-mail.

"We are big supporters of using technology. Email, electronic signatures, Web sites, etc. I don't think we are ready to [apply] Twitter or Facebook," said Scott Talbott, a senior vice president at the roundtable.

NEXT STORY One More Makes Three