Consumer Agency Warns Financial Firms Over Deceptive ‘Fine Print’ in Contracts

The Consumer Financial Protection Bureau (CFPB) has issued a circular notifying the financial sector against engaging in any deceptive contract terms with customers. The circular warned companies about using illegal or unenforceable terms in consumer financial products and services contracts. “Companies use this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections,” states a June 4 CFPB press release. Institutions engaging in these actions are at risk of violating the Consumer Financial Protection Act, the agency warned “This fine print may just be an attempt to confuse people about their rights,” the agency said....