rules-policy junk-fees 
Troutman Sanders
DECEMBER 20, 2023
On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. Overdraft fees are somewhat more prevalent than NSF fees (23.6% Overdraft fees are somewhat more prevalent than NSF fees (23.6%
Troutman Sanders
OCTOBER 31, 2022
As part of its ongoing initiative to scrutinize so-called “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance on two practices that it opines potentially violate the Consumer Financial Protection Act’s prohibition on unfair practices.
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Troutman Sanders
NOVEMBER 21, 2023
On November 20, the Federal Trade Commission (FTC) announced that it is sending a second round of payments totaling more than $857,000 to consumers who were harmed by Napleton Automotive Group’s junk fees and discriminatory practices. The CFPB’s rule amends an appendix for Regulation V, which implements the FCRA.
Troutman Sanders
MARCH 13, 2023
House Financial Institutions and Monetary Policy Subcommittee held a hearing entitled “Consumer Financial Protection Bureau [CFPB]: Ripe for Reform.” This bill would establish the Office of Economic Analysis in the CFPB to review all proposed and existing rules and regulations. On March 9, the U.S.
Collection Industry News
FEBRUARY 7, 2022
The Consumer Financial Protection Bureau’s Director Rohit Chopra raised hackles by launching a broad inquiry last week into so-called “junk fees” charged on run-of-the-mill financial products such as loans, mortgages and credit cards. Nobody likes fees—and when you call them junk fees you like them even less.”
Troutman Sanders
DECEMBER 28, 2023
On December 20, the Federal Trade Commission (FTC) announced that it was extending the deadline to submit public comments on a new proposed rule to prohibit junk fees. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs. For more information, click here.
Troutman Sanders
DECEMBER 22, 2021
The Consumer Financial Protection Bureau (CFPB) has a new target: overdraft fees. In a December 1 press call, CFPB Director Rohit Chopra targeted the use of overdraft fees in the consumer banking industry, claiming that some banks are “hooked on exploitative junk fees that can quickly drain a family’s bank account.”
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