Banking and Finance Law Daily Wrap Up, CONSUMER FINANCIAL PROTECTION BUREAU—CFPB extends comment deadline for ‘junk fees’ information request, (Mar 28, 2022)
Organizations Mentioned:Consumer Financial Protection Bureau
The Bureau said the number of comments received to date show a high-level of public interest on the topic and that the input will help shape the agency’s rulemaking, guidance agenda, and enforcement priorities.
The Consumer Financial Protection Bureau has extended, to April 11, 2022, the comment period for a previously issued request for information on what the agency characterized as “junk fees”—fees that it said are not subject to competitive processes that ensure fair pricing, such as late fees, overdraft fees, and non-sufficient funds fees. The Bureau issued that request in January, with comments originally due by March 31, 2022 (see Banking and Finance Law Daily, Jan. 27, 2022).
In a blog post, the Bureau said it received more than 25,000 comments through mid-March. According to the Bureau, these comments “show the high-level of public interest on this topic, and the number of people affected by exploitative junk fees.” The agency added that it initiated the information request “to save American families billions of dollars in junk or back-end fees” which it contends “impede competition by making it difficult for families to shop around based on the actual cost of a product or service.”
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