Disclosures: A new avenue for improvement
Financial companies are required by our rules to provide consumers certain information about the products they sell. The intent is to make product terms clear to consumers. Sometimes we hear from consumers and companies that the disclosures could be improved.
A primary focus for us is helping to get consumers the most effective and understandable disclosures about consumer financial products.
To help achieve that goal, we have finalized a new trial disclosure policy , which allows companies to apply for a waiver to test potential disclosure improvements on a trial basis. The new policy is one more tool at our disposal, which is good news for consumers and companies.
The tests will provide us with data about what information and which delivery mechanisms help consumers best understand financial products and services. This data will help inform improvements to disclosure rules.
Please reach out to the Project Catalyst team if you’re interested in discussing ideas for trial disclosure programs. There is more information, including an overview of the program, available on the Project Catalyst page.
Due to the appropriations lapse, the Office of the Federal Register (OFR) is currently only publishing certain emergency documents. This policy will be published in the Federal Register once the OFR resumes its normal publication schedule and the policy will be effective upon publication.
Note: This post was updated at 1:30 p.m. on October 8, 2013.