April 3, 2023 — Comments

The undersigned organizations support and applaud the Consumer Financial Protection Bureau’s (CFPB) proposed rulemaking to increase transparency in financial services, to the great benefit of American consumers. This rule would create a registry system for nonbank financial firms, requiring them to publicly report terms and conditions, such as forced arbitration, that have been commonly weaponized by businesses to limit consumer rights, this especially so for low income and BIPOC communities. Corporations are less likely to be held accountable in forced arbitration than they are in court as they are “repeat players,” making them more familiar with arbitrators and putting those who are unable to pay the fees associated with arbitration and those who are more likely to be victims of implicit bias and subconscious discrimination at greater risk.