CFPBProposed Rule
Registry of Supervised Nonbanks That Use Form Contracts To Impose Terms and Conditions That Seek To Waive or Limit Consumer Legal Protections; Withdrawal
Finance & Banking
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Summary
The Consumer Financial Protection Bureau (CFPB) is withdrawing a proposed rule that would have created a list of non-bank financial companies using contracts that strip away consumer legal protections. This withdrawal means the CFPB is no longer moving forward with tracking and regulating these companies' unfair contract practices.
Key Points
- 1The CFPB proposed tracking non-bank financial companies (like payday lenders and debt collectors) that use contracts to take away consumer rights
- 2The proposed rule would have created a public registry to identify companies using unfair contract terms that prevent customers from suing or accessing legal protections
- 3The CFPB has decided to withdraw this proposal, meaning it will not move forward with creating this registry at this time
- 4Consumers using non-bank financial services may have fewer protections against unfair contract terms going forward
- 5This affects payday lenders, debt collection agencies, and other financial companies that aren't traditional banks
Key Dates
Published
October 29, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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