Advocacy Submits Comments on CFPB’s Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections NPRM

On February 1, 2023, the Consumer Financial Protection Bureau (CPFB) published a notice of proposed rulemaking for the Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections. The proposed rule would establish a CFPB system for registration of nonbanks that use covered terms or conditions that seek to waive consumer rights or other legal protections or limit the ability of consumers to enforce or exercise their rights. On March 30, 2023, the Office of Advocacy submitted comments on the proposed rule.

For more, read the public comment letter and fact sheet, which highlights Advocacy’s concerns and recommendations.