CFPB Extends Public Comment Deadline on 'Junk Fees'

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The Consumer Financial Protection Bureau (CFPB) has received a tremendous amount of feedback from its Request for Information on exploitive junk fees. The more than 25,000 comments the bureau has received through mid-March shows the high-level of public interest on this topic, and the number of people affected by exploitative junk fees.

The CFPB is, therefore, extending the deadline for the public to share input and stories on their experiences with exploitative junk fees  through April 11.

In January, the bureau says it 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," it states in its most recent news release on the topic.

The bureau wants 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 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.

The public can submit comments through the Federal Register until Monday, April 11, 2022.

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