What Is A “Junk Fee?” CFPB’s Inquiry Sparks Industry Backlash
Collection Industry News
FEBRUARY 7, 2022
Many bankers and lenders insist that fees they charge are related to specific types of work or services performed, and existing laws and regulations already prohibit excessive fees, so it isn’t clear what problem the inquiry is designed to solve. Beyond overdraft, the CFPB has late fees and non sufficient funds fees in its sights.
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