CFPB Proposes Rule Aimed at Non-Negotiable Contracts of Nonbanks
On January 11, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that would require nonbanks to provide information regarding the terms and conditions they use in non-negotiable contracts known as ‘take it or leave it form contracts.’ The new rule aims to prevent nonbanks from using ‘fine print’ practices to limit consumers rights including bankruptcy rights, liability amounts, or complaint rights. The CFPB would then post the information in a registry made available to the public and to other consumer protection enforcers. Read more.