Consumer Financial Protection Bureau Proposes Rule to Create a Public Registry of Terms and Conditions in Consumer Contracts
On January 11, 2023, the U.S. Consumer Financial Protection Bureau (the “CFPB”) proposed a new rule to create a public registry of terms and conditions in form contracts that waive or limit consumer rights. The registry would pertain to supervised nonbanks, including those operating in payday lending, private student loan origination, mortgage lending and servicing, as well as larger participants operating in student loan servicing, automobile financing, consumer reporting, consumer debt collection, and international remittances. The new rule would require those nonbanks to submit information on the terms and conditions of the form contracts they provide to customers that purport to waive the customers’ rights.
The CFPB provided several examples of the types of contracts and nonbanks that would be affected by the proposed new rule. It included credit monitoring products that require consumers to waive the right to seek legal action by limiting liability to a class of consumers “when a consumer reporting agency fails to reasonably investigate inaccurate information on numerous consumer reports.” The rule would also affect mortgage lenders’ ability to use waivers and limitations that are inconsistent with the Truth in Lending Act.
The rule would “identify and collect information” on form contracts that seek to limit or waive “any constitutional, statutory, or common law legal protection, right, or defense; restrict the ability of consumers to complain; limit the time or place for consumers to bring legal actions; limit liability amounts; waive class action rights; and impose arbitration provisions.”
The government intends to use the proposed registry as a “risk-based oversight” tool to help prioritize its “supervision and enforcement resources.” The proposed rule is now open for public comment. More information is available at the CFPB website.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
The CFPB provided several examples of the types of contracts and nonbanks that would be affected by the proposed new rule. It included credit monitoring products that require consumers to waive the right to seek legal action by limiting liability to a class of consumers “when a consumer reporting agency fails to reasonably investigate inaccurate information on numerous consumer reports.” The rule would also affect mortgage lenders’ ability to use waivers and limitations that are inconsistent with the Truth in Lending Act.
The rule would “identify and collect information” on form contracts that seek to limit or waive “any constitutional, statutory, or common law legal protection, right, or defense; restrict the ability of consumers to complain; limit the time or place for consumers to bring legal actions; limit liability amounts; waive class action rights; and impose arbitration provisions.”
The government intends to use the proposed registry as a “risk-based oversight” tool to help prioritize its “supervision and enforcement resources.” The proposed rule is now open for public comment. More information is available at the CFPB website.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
On January 11, 2023, the U.S. Consumer Financial Protection Bureau (the “CFPB”) proposed a new rule to create a public registry of terms and conditions in form contracts that waive or limit consumer rights. The registry would pertain to supervised nonbanks, including those operating in payday lending, private student loan origination, mortgage lending and servicing, as well as larger participants operating in student loan servicing, automobile financing, consumer reporting, consumer debt collection, and international remittances. The new rule would require those nonbanks to submit information on the terms and conditions of the form contracts they provide to customers that purport to waive the customers’ rights.
The CFPB provided several examples of the types of contracts and nonbanks that would be affected by the proposed new rule. It included credit monitoring products that require consumers to waive the right to seek legal action by limiting liability to a class of consumers “when a consumer reporting agency fails to reasonably investigate inaccurate information on numerous consumer reports.” The rule would also affect mortgage lenders’ ability to use waivers and limitations that are inconsistent with the Truth in Lending Act.
The rule would “identify and collect information” on form contracts that seek to limit or waive “any constitutional, statutory, or common law legal protection, right, or defense; restrict the ability of consumers to complain; limit the time or place for consumers to bring legal actions; limit liability amounts; waive class action rights; and impose arbitration provisions.”
The government intends to use the proposed registry as a “risk-based oversight” tool to help prioritize its “supervision and enforcement resources.” The proposed rule is now open for public comment. More information is available at the CFPB website.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
The CFPB provided several examples of the types of contracts and nonbanks that would be affected by the proposed new rule. It included credit monitoring products that require consumers to waive the right to seek legal action by limiting liability to a class of consumers “when a consumer reporting agency fails to reasonably investigate inaccurate information on numerous consumer reports.” The rule would also affect mortgage lenders’ ability to use waivers and limitations that are inconsistent with the Truth in Lending Act.
The rule would “identify and collect information” on form contracts that seek to limit or waive “any constitutional, statutory, or common law legal protection, right, or defense; restrict the ability of consumers to complain; limit the time or place for consumers to bring legal actions; limit liability amounts; waive class action rights; and impose arbitration provisions.”
The government intends to use the proposed registry as a “risk-based oversight” tool to help prioritize its “supervision and enforcement resources.” The proposed rule is now open for public comment. More information is available at the CFPB website.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Related Articles
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
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