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ARTICLE · 26 APRIL 2023

CFPB Issues Report On Unlawful "Junk Fees"

Cullen and Dykman
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The Consumer Financial Protection Bureau (CFPB) has released a special version of its Supervisory Highlights report (Report) addressing what the agency considers...

United StatesFinance and Banking
Joseph Simon
Joseph Simon
Kevin Patterson
Kevin Patterson
Elizabeth Murphy
Elizabeth Murphy
Gabriela Morales
Gabriela Morales

The Consumer Financial Protection Bureau (CFPB) has released a special version of its Supervisory Highlights report (Report) addressing what the agency considers to be unlawful "junk fees" charged by financial institutions to consumers. The Report summarizes CFPB examination results that found "junk fees" associated with deposit accounts, auto servicing, mortgage servicing, payday and small dollar lending, and student loan servicing. The Report describes "junk fees" as "unnecessary charges that inflate costs while adding little to no value to the consumer. Theses unavoidable or surprise charges are often hidden or disclosed only at a later stage in the consumer's purchasing process or sometimes not at all."

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