Deciding against finalizing a proposal to require a registry from nonbanks of their contractual terms,  the CFPB has instead issued a circular – i.e., a de facto rulemaking – telling both banks and nonbanks and their service providers that contractual terms and conditions may not require consumers to waive rights to which they are entitled under applicable state or federal law or which the Bureau believes likely to be “unenforceable.”  The scope of Bureau actions remains to be seen, but it has established a ….

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