The Consumer Financial Protection Bureau today issued a request for information as it considers reducing “exploitative junk fees charged by banks and financial companies.” As examples of the fees it is examining, the agency lists “back-end fees might obscure the true cost of a product and undermine a competitive market,” such as “resort” or “service” fees added to hotel bills, punitive late fees charged by major credit card companies, and overdraft and non-sufficient funds (NSF) fees.
The CFPB is seeking information about people’s experiences with fees associated with their bank, credit union, prepaid or credit card account, mortgage, loan, or payment transfers, 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
The information request is here. A related press release is here.