CFPB mischaracterizes many financial services fees in RFI

CUNA strongly objects to the Consumer Financial Protection Bureau’s (CFPB) classification of a broad range of common financial services fees as “junk fees,” it wrote Monday. CUNA responded to a CFPB request for information (RFI) on fees imposed by financial services providers.

“The RFI characterizes a broad range of common fees in consumer financial services as so-called “junk fees” that obscure the true cost of financial services,” the letter reads, adding CUNA’s strong objection to this “deceptive language.”

CUNA offered several rebuttals to the assumptions underlying the CFPB’s “blanket criticism” of all fees:

• Credit unions offer services that benefit their members and provide the exact type of relationship banking CFPB Director Rohit Chopra stated he wanted to return to.

 

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