CUNA, Financial Trades Respond to CFPB Account Fees Request for Information
FOR IMMEDIATE RELEASE
January 26, 2022
The Credit Union National Association (CUNA), the American Bankers Association (ABA), the Bank Policy Institute (BPI), the Consumer Bankers Association (CBA), the Independent Community Bankers of America (ICBA), the National Association of Federally-Insured Credit Unions (NAFCU), and the Financial Services Forum (FSF) issued a joint statement following the Consumer Financial Protection Bureau’s (CFPB) request for information on consumer account fees:
"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."
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by more than 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.