NAFCU, trades submit feedback to CFPB on transparency regarding ‘junk fees’

by NAFCU Newsroom

NAFCU joined with other trade associations Monday to submit feedback to the CFPB on their request for information (RFI) regarding fees on consumer financial products and services, or “junk fees.” The bureau intends to use responses from the RFI to help with “enforcement, supervision, regulatory, and other authorities to create fairer, more transparent, and competitive consumer financial markets.”

The groups mentioned their previous work with the CFPB on numerous rulemakings to advance transparency of fees and consumers’ understanding of those fees; however, they noted that the RFI does not discuss the “significant work that both the CFPB and financial institutions have undertaken to advance consumer understanding of the cost of consumer financial products and services” – an essential addition to any initiative.

The groups gave the bureau a detailed list of concerns in their letter, including:

  • the bureau must consider the current regulatory regime and significant body of existing data concerning consumer understanding of consumer financial products and services;

 

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