CFPB Proposed Rule Would Create a “Name-And-Shame” Database

<p>In January, the Consumer Financial Protection Bureau (CFPB) released a proposed rule to implement a “Terms &amp; 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. </p><p>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 <a href='https://ndpanalytics.com/a-critique-of-the-cfpb-proposed-rule-companies-that-use-arbitration-agreements-do-not-pose-any-greater-risks-to-consumers-than-those-that-do-not/'>study</a> critiquing the proposed rule.  </p><p>On this episode of <em>Cause for Action</em>, 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. </p><p>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. </p>