CFPB proposes public computer registry of nonbank agreement terms

The Consumer Financial Protection Bureau today proposed producing a public computer registry of terms in non-negotiable, nonbank agreements that declare to waive a client’s capability to take particular actions, such as petitioning for personal bankruptcy or taking legal action against the business. Such “take it and leave it” contact language techniques customers into thinking the terms are lawfully enforceable when they are not, the firm stated.

The proposed computer registry would concentrate on nonbanks based on the CFPB’s supervisory jurisdiction, and the info would be published on the firm’s site. Nonbanks would require to register their agreement terms each year with the firm, although there would be exceptions for particular smaller sized entities. The proposition comes approximately a month after CFPB revealed it would look for to develop a different computer registry listing nonbank monetary companies that contravene of particular regional, state or federal customer security laws.


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