The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to prevent the use of unfair terms in contracts for consumer financial products, such as credit cards and loans. This proposal aims to stop businesses from including terms that waive consumers' legal rights, allow companies to unilaterally change contracts, or prevent consumers from expressing their opinions about the services. Additionally, the rule will officially codify prohibitions from an existing Federal Trade Commission rule that limits certain unfair credit practices. The CFPB is inviting public comments on these proposed changes until April 1, 2025.
Simple Explanation
The CFPB wants to stop companies from adding tricky rules to contracts that make things unfair for people. They plan to protect people's rights and will listen to ideas about this until April 2025.