CFPB: New Published Research Finds Higher Price Complexity Leads Consumers to Pay More
As part of junk fee initiative, study suggests that consumers pay more when prices are separated into multiple fees Today, the Consumer Financial Protection Bureau (CFPB) issued a new report that suggests consumers tend to pay more for products that have more complex pricing structures. The report is based on experiments with multiple rounds of…
CFPB: Guidance Issued to Combat Junk Fees by Mortgage Servicers
Homeowners forced to pay for “services” that were prohibited or unauthorized The Consumer Financial Protection Bureau (CFPB) today published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. CFPB examinations found servicers charging illegal junk fees, such as prohibited property inspection fees; sending…
ABA: ABA & 52 State Bankers Associations Issue Comment Letter to CFPB Explaining that the Market for Overdraft Services is Already Transparent and Competitive
In a detailed comment letter filed today with the Consumer Financial Protection Bureau, the American Bankers Association joined all 52 state bankers associations in explaining why the market for overdraft services is already transparent and competitive, directly challenging the basic premise behind the Bureau’s misguided proposal to impose additional regulation on overdraft protection services. The letter spells…
CFPB: Action Taken to Halt False Claims of “Free” International Money Transfers
CFPB warns remittance transfer providers about false claims regarding cost and speed Today, the Consumer Financial Protection Bureau (CFPB) issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. Companies in the marketplace are charging junk fees on international money…
ABA: Consumer Survey Data Unveiled on Debit Cards, Overdraft and Other Banking Issues
In the wake of the Federal Reserve’s recent proposal to further lower the price cap on the debit interchange merchants pay to process debit card transactions, a new survey conducted by Morning Consult on behalf of the American Bankers Association finds that consumers are happy with their debit cards and think the government should leave…
ABA: ABA Sues CFPB Over New Regulation Restricting Credit Card Late Fees
The American Bankers Association today joined the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association, and Texas Association of Business in filing a lawsuit in the U.S. District Court for the Northern District of Texas against the Consumer Financial Protection Bureau (CFPB) that challenges the CFPB’s new rule limiting…
CFPB: New Final Rule Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
Final rule closes 2010 loophole exploited by credit card giants The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that…
CFPB: Report Finds Credit Card Companies Charged Consumers Record-High $130 Billion in Interest and Fees in 2022
Consumers with revolving debts on average pay far more in interest and fees than get back in rewards The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and…
CFPB: Proposed Rule Issued to Jumpstart Competition and Accelerate Shift to Open Banking
Personal Financial Data Rights rule would challenge industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and…
CFPB: New Guidance Issued to Halt Large Banks from Charging Junk Fees for Basic Customer Service
Advisory opinion provides guidance on 2010 legal provision regarding customer service by large financial firms Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about…
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