CFPB “JUNK FEES”

Mark Campanale Government Relations, Government Relations Updates

1/27/2022
By Fran Bishop

The CFPB continues to be in the news with several initiatives including colleges and universities that make loans to their students, and what they call “junk fees” charges by banks and financial companies, credit card issuers.

These “junk fees” include penalties for late payments, nonsufficient funds, and account maintenance. Rohit Chopra, Director of the CFPB, also singled out closing costs and title insurance charged to home buyers.

Personally, I’d like to see auto dealers explain what is included in those ‘delivery, set-up, destination, etc.’ charges that appear when you’re buying a car. Just sayin’.