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Consumer coalition letter supporting the CFPB’s proposed rule requiring greater transparency of financial institutions’ use of unfair terms and conditions

In a letter sent to the Consumer Financial Protection Bureau, Consumer Reports joined with the American Association for Justice and other consumer organizations to support the Bureau’s proposal to create a registry system for nonbank financial firms.  The proposed registry would require these financial institutions to publicly report
terms and conditions, such as forced arbitration, that have been commonly used by businesses to limit consumer rights, especially for low income consumers and communities of color.