CFPB Extends Opportunity for Public to Provide Input on Junk Fees
March 25, 2022 / Source: CFPB
By Gracie Bouwer – MAR 25, 2022
We have received a tremendous amount of feedback from our Request for Information on exploitive junk fees. The more than 25,000 comments we have received through mid-March show the high-level of public interest on this topic, and the number of people affected by exploitative junk fees. We are extending the deadline for the public to share input and stories on their experiences with exploitative junk fees through April 11, 2022.
In January, we launched an initiative to save American families billions of dollars in junk or back-end fees. These fees impede competition by making it difficult for families to shop around based on the actual cost of a product or service.
We want to hear from stakeholders – including consumers and small business owners – from across the financial marketplace about their experiences with fees associated with financial products and services, including:
- Fees for things people believed were covered by the baseline price of a product or service
- Unexpected fees for a product or service
- Fees that seemed too high for the purported service
- Fees where it was unclear why they were charged
Public input – your input – will help shape the agency’s rulemaking and guidance agenda and enforcement priorities by providing valuable insights into the most pressing needs and concerns, including uncovering potential illegal practices or fees.