Consumer Financial Protection Bureau (CFPB): CFPB Launches Initiative to Save Consumers Billions in “Junk Fees”

February 1, 2022

The Consumer Financial Protection Bureau (CFPB) launched a new initiative to save consumers billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies.

The CFPB is interested in hearing about people’s experiences with fees associated with their bank, credit union, prepaid or credit card account, mortgage, loan, or payment transfers, including:

  • Fees for things people believed were covered by the base price of a product or service
  • Unexpected fees for a product or service
  • Fees that seemed too high for the service offered
  • Fees where it was unclear why they were charged

The CFPB is also interested in hearing from small business owners, non-profit organizations, legal aid attorneys, academics and researchers, state and local government officials, and financial institutions, including small banks and credit unions.

Read the request for information regarding excessive fees imposed in consumer financial products and services and provide your comments. Comments must be received on or before March 31, 2022.

Consumers having an issue with a consumer financial product or service can submit a complaint with the CFPB online or by calling (855) 411-CFPB (2372).