Not so long ago, the SEC was pushing plain English as something that could foster better communication and disclosure to shareholders by issuers. Many people applauded, but when it came down to results, the effect appeared to be nil. So will Bank of America's "Clarity Commitment," a one-page summary of the terms of a mortgage loan written "in simple English" make a difference? I'm not sure.

Most people do not read the fine print in their documents. Some may be more likely to read a one-page summary. All in all, I'm betting most don't. Still, at least Bank of America seems willing to put it all on the line. We hope there's nothing to hide. Certainly, it's a service that can be marketed at a time when consumer mistrust is high. There's something of a re-fi boomlet underway, and I'd like to think that the winners will win in part on trust and good citizenship. Is that really naive? 

For more:
- here's the CNBC article

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