CFPB wants to hear from financial institutions, public on financial product fees

The CFPB is seeking input on fees on bank accounts, credit cards and other financial products.

As part of an initiative aimed at saving households “billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies,” the bureau on Wednesday issued a request for information regarding fees associated with bank, credit union, prepaid or credit card account, mortgage, loan or payment transfers, including:

  • fees for things people believed were covered by the baseline price of a product or service;
  • unexpected fees for a product or service;
  • fees that seemed too high for the purported service; and 
  • fees where it was unclear why they were charged.

The CFPB is also interested in hearing from small business owners, nonprofit organizations, legal aid attorneys, academics and researchers, state and local government officials and financial institutions, including small banks and credit unions.

The CFPB says that the request for information is a chance for the public to share input that will help shape the agency’s rulemaking and guidance agenda, as well as its enforcement priorities in the coming months and years.

Washington Credit Union Daily, however, reported that financial services trade groups and banking trade groups immediately denounced the effort as a “misguided effort that paints a distorted and misleading picture of our country’s highly competitive financial services marketplace.”

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