CFPB Initiative to 'Save Americans Billions in Junk Fees'

The Consumer Financial Protection Bureau launched a new initiative to save consumers billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies.

The CFPB is interested in hearing about people’s experiences with fees associated with their bank, credit union, prepaid or credit card account, mortgage, loan, or payment transfers, including:

• Fees for things people believed were covered by the base price of a product or service
• Unexpected fees for a product or service
• Fees that seemed too high for the service offered
• Fees where it was unclear why they were charged

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

Read the request for information regarding excessive fees imposed in consumer financial products and services and provide your comments.

Comments must be received on or before March 31, 2022.