Texas Watch joins more than 60 consumer groups supporting proposed rules to increase transparency in financial services

Texas Watch joins more than 60 consumer groups supporting proposed rules to increase transparency in financial services

Texas Watch is proud to join more than 60 consumer groups across the country in signing a letter of support to the Consumer Financial Protection Bureau about proposed rules to increase transparency in financial services. These rules say that when changes are made to terms and conditions that chip away at consumers’ rights, consumers will be made aware of these changes. 

The letter states, “The increasing use of these pernicious terms and conditions often forces consumers into unknowingly giving up their fundamental Constitutional rights, such as accessing the courts, or limiting their ability to seek full and meaningful accountability when they’ve been cheated or defrauded by financial institutions. Obtaining credit reports, taking out private student loans, or taking out a car loan, should not suddenly strip individuals of local, state, and federal consumer protections, yet these contract provisions continue to destroy lives by allowing repeat offenders to contract away and avoid all legal accountability.” 

We applaud the Consumer Financial Protection Bureau for proposing these changes. At Texas Watch, we stand tall for the Seventh Amendment right to trial by jury because we regard our civil justice system as the greatest consumer protection. For nearly 25 years, we have fought for consumers and our courts, and we will continue to support efforts to inform consumers about their rights.

Please click here to view the letter.