Apr 20 2023
CFPB Proposed Rule Would Create a “Name-And-Shame” Database
In January, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to implement a “Terms & Conditions Registry.” If finalized, the CFPB’s proposed rule will create a “name-and-shame” public database of various terms and conditions—including arbitration agreements—used in consumer complaints, harming businesses and consumers without any real benefit. In response to this misguided proposed rule, the U.S. Chamber recently submitted a comment letter, and a coalition letter with ten other trade associations, opposing the rule. Washington, D.C.-based strategic economic and communication firm ndp | analytics also recently conducted and released a study critiquing the proposed rule. On this episode of Cause for Action, Matt Webb, senior vice president for legal reform policy at ILR, is joined by Mary Donovan, principal and senior economist at ndp | analytics, and Bill Hulse, vice president of the Chamber’s Center for Capital Markets Competitiveness. During this episode, Matt, Mary, and Bill explain the implications of the proposed rule on businesses and consumers and how an npd | analytics study refutes some of the premises the CFPB uses to justify its proposed rule.