CFPB Takes Aim at Exploitative and Opaque Fees in the Financial Industry

  • The CFPB launched a public inquiry aimed at reducing exploitative fees charged by banks and financial companies.
  • The request for public information seeks public input from a broad range of market participants to help shape the CFPB’s rulemaking, industry guidance, and enforcement priorities regarding excessive, exploitative, undisclosed, or back-end fees charged on products such as loans and mortgages, prepaid or credit card accounts, and payment transfers, and the impact of such fees on businesses and individuals.
  • Comments must be received no later than March 31, 2022.