CFPB to Create Public Database of Lenders’ Contract Fine Print (1)

The CFPB wants to create a public registry of all fine print on standardized contracts issued by mortgage lenders, payday lenders, debt collectors and other nonbank consumer finance companies.

The Wednesday proposal from the Consumer Financial Protection Bureau seeks to put all restrictive, and potentially illegal, contract terms in one place so that consumers have a chance to review them before signing up for a financial product.

Particularly concerning to the CFPB are contract clauses that limit consumers’ ability to report complaints or take legal action when they’re harmed by a product. The agency also plans to look out for ...