National groups urge the CFPB to issue its proposed rule codifying the application of the FTC’s Credit Practices Rule to financial institutions (Reg AA), and adopting three important new consumer protections. The proposed rule would forbid covered entities from including in their contracts 1) any clause that waives legal rights designed to protect consumers, 2) any clause that reserves to the covered person the right to unilaterally amend a material term of the contract, and 3) any clause that restrains the consumer’s free expression.
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