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CFPB Proposes Public Registry of Terms and Conditions in Form Contracts

WASHINGTON, D.C. – The U.S. Consumer Financial Protection Bureau (CFPB) today announced a proposed rule to establish a public registry of terms and conditions in non-bank contracts that waive or limit consumer’s rights and protections. Martha Perez-Pedemonti, access to justice and consumer rights counsel for Public Citizen, released the following statement:

“A public database tracking contracts waiving consumer rights – which consumers are regularly forced into accepting – is a welcome and timely proposal. When forced arbitration clauses are combined with class action bans, judges, arbitrators, consumers, and advocates cannot assess or remedy the full scope of wrongdoing that affects consumers. This registry has the potential to become a powerful tool for consumers and watchdog organizations alike to track harmful contract terms that limit customers’ legal rights and keep them from having their day in court.”