Ellen Noble, Budd Attorney at Public Justice. (Courtesy photo) The Chamber of Commerce Doesn't Want You to Know the Terms in Your Contracts
The Chambers of Commerce's efforts to keep consumers in the dark while corporations continue to profit off of abusive contract terms shows that the Chamber is not really concerned with maintaining a free, competitive market; it's trying to enable and protect predatory corporate behavior shrouded in fine print.
April 13, 2023 at 09:00 AM
6 minute read
Commentary
The Chamber of Commerce, the country's largest corporate lobbying organization, is fighting hard against a new rule proposed by the Consumer Financial Protection Bureau (CFPB) that aims to promote consumer awareness of the terms and conditions buried in the fine print of their boilerplate contracts.
The rule would require nonbank financial firms—like payday lenders, credit reporters, auto lenders, private student loan servicers, "buy now, pay later" companies and others—to publicly report certain terms and conditions in consumer contracts that have been weaponized by businesses to limit consumer rights. The proposed rule has a modest but meaningful objective: to increase transparency in the financial services market so consumers understand what rights they are signing away.
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