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How to Prepare for CFPB Crackdown on Consumer Fees

Posted by Paul Davis on Mar 16, 2023 11:06:00 AM

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It’s not every day that a phrase as vague and slanted as “junk fees” becomes an actual legislative term, but here we are. In various statements, the White House and the Consumer Financial Protection Bureau (CFPB) have defined junk fees as “hidden or unexpected fees” and “increasingly sophisticated tools to disguise the true price consumers face.”

Although President Biden highlighted hotel resort fees, concert ticket services, and airline surcharges in his State of the Union address, the CFPB has also pushed to lower the cap for most credit card late fees from roughly $30 to $8. Limiting or eliminating NSF/overdraft fees is also high on the agency’s agenda.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Overdraft, CFPB, Credit Cards, Retail Banking

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