The CFPB has repeatedly emphasized the need for greater disclosure in financial products. Could the next product to undergo this simplification process be checking accounts? A recent Pew study shows that consumers would be happy to see clearer forms when signing up for a checking account. Here’s what the Pew researchers are saying about the need for better disclosure:

“You can’t comparison-shop based on minimum balance needed, monthly fees and policies, because you can’t figure out what they are,” says Susan Weinstock, director of the Safe Checking in the Electronic Age project for Pew Charitable Trusts. She adds that Pew has proposed something similar to the “Schumer Box” that credit card companies are required to include in their marketing materials, which spells out major terms and conditions. Since the layout of the box and included information is the same from issuer to issuer, consumers can get a good comparative overview of what different cards offer and require.