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ARTICLE · 24 MARCH 2023

CFPB Junk Fees Special Edition

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The CFPB marketed its latest set of supervisory highlights as the "Junk Fees Special Edition." The splashy headline is consistent with the agency's recent focus on fees that it asserts

United StatesFinance and Banking
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The CFPB marketed its latest set of supervisory highlights as the "Junk Fees Special Edition." The splashy headline is consistent with the agency's recent focus on fees that it asserts are hidden from the competitive process. In speeches, press releases, and blog posts (and now a single proposed rule), the CFPB has stressed its growing concern with "junk" fees. The CFPB even created a section of its web site solely devoted to press releases on "junk" fees.

Gleaning compliance guidance from Supervisory Highlights is not always straightforward, as they do not provide full details. However, in this Special Edition, the CFPB notes that it has characterized the following types of fees and practices as junk:

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