Consumer Financial Protection Bureau takes aim at curbing ‘junk fees’ from banks

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Consumer Financial Protection Bureau director Rohit Chopra said Wednesday the government agency is seeking public comment as part of an effort to curb hidden “junk fees” charged by banks. “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” as well as small business owners, government officials and academics, the CFPB said. The agency said comments may be submitted at http://www.regulations.gov under docket number CFPB-2022-0003. Comments will assist the CFPB and policymakers to use its enforcement, supervision and regulatory authorities to “create fairer, more transparent, and competitive consumer financial markets.” Many financial institutions “obscure the true price of their services by luring customers with enticing offers and then charging excessive junk fees,” Chopra said. “By promoting competition and ridding the market of illegal practices, we hope to save Americans billions.”

This article was originally published by Marketwatch.com. Read the original article here.

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