consumer protections

How Forced Arbitration in Boilerplate Contracts Strips Away Consumer Rights

Fine print boilerplate is everywhere, but what can be done to stop it? Theresa Amato writes in The Nation that the Consumer Financial Protection Bureau should take four steps to promote fairness in consumer contracts:

  1. Prohibit forced arbitration clauses in consumer contracts
  2. Maintain a searchable database of all standard form contracts used by the industries it regulates
  3. Develop its own “consumer-road-tested contracts” and prohibit certain terms, such as those that prohibit public criticism of the business involved, or waive liability for negligence.
  4. Promote a “fair contract” symbol to make it easy to identify contracts which conform to the standards proposed.

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