Rep. Maloney applauds decision by JP Morgan Chase to use Pew’s standardized checking fee disclosure form

Dec 16, 2011 Issues: Financial Services
Press Contact: 
Jon Houston (202) 225-7944

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today offered praise for JP Morgan Chase’s decision to adopt the standardized checking disclosure form developed by the Pew Charitable Trust earlier this year.

“This is good news for both JP Morgan and for consumers,” Maloney said. “Everyone claims they support transparency in concept, but this standardized, consumer-friendly, plain-english form puts transparency into actual practice, making prices and risks clear to the average consumer. By adopting the format, Chase is accelerating both the concept and execution of transparency in consumer financial products, and they should be congratulated.”

The Pew form, viewable here, has been adopted by many financial institutions but JP MorganChase is the largest to date.