The undersigned organizations, representing millions of consumers, support the rule proposed by the Consumer Financial Protection Bureau (“CFPB”) to increase transparency and bring consumer awareness to the rights nonbank financial firms require Americans to surrender just to use their products and services. The proposed rule would create a publicly accessible registry system for these nonbank entities, requiring them to report commonly used terms and conditions that have been weaponized by businesses to limit consumer rights. These provisions disproportionately harm low-income communities and people of color, who are more likely to use nonbank financial services because they are more often unserved or underserved by traditional credit opportunities.
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