The Consumer Financial Protection Bureau (CFPB) issued a request for information Wednesday on fees imposed on consumers by financial services providers. The input received will be used to craft rules, issue industry guidance, and focus supervision and enforcement resources, according to the CFPB.
The CFPB is interested in hearing about people’s experiences with fees, as well as financial institutions, small business owners and other stakeholders. Comments are due by March 31.
CUNA, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, National Association of Federally-Insured Credit Unions, Financial Services Forum, and Independent Community Bankers of America issued a joint statement following the request for information.
"The CFPB's new Request for Information on fees is a misguided effort that paints a distorted and misleading picture of our country's highly competitive financial services marketplace. Multiple federal laws and the CFPB's own rules already require banks, credit unions and other providers of consumer financial services to disclose terms and fees in a clear and conspicuous manner, and our members do so each and every day. Consumers in this country know they have a wide range of choices when it comes to financial services products, and those businesses compete every day, including on fees. We look forward to responding to this Request for Information with facts and perspective sadly lacking from today's announcement."
The CFPB notes the following areas of interest: