CFPB issues policy guidance on ‘gag’ clauses and fake review fraud

by NAFCU Newsroom

The CFPB Tuesday issued policy guidance regarding illegal practices concerning consumer reviews. According to the guidance, the CFPB seeks to ensure that “customers can write reviews, particularly ones posted online, about financial products and services that accurately reflect their opinions and experiences.”

The CFPB’s guidance includes a list of specific business practices that are unlawful under the Consumer Financial Protection Act, including:

  • contractual “gag” clauses – or attempting to silence consumers from posting online reviews;
  • fake reviews; and

 

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