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ARTICLE · 03 MAY 2024

CFPB Supervisory Highlights Reflect Continued Emphasis On "Junk Fees"

McGlinchey Stafford
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On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called "junk fees" in the mortgage servicing industry.

United StatesFinance and Banking
Jeffrey Barringer
Jeffrey Barringer
Jim Sandy
Jim Sandy

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called "junk fees" in the mortgage servicing industry. According to the CFPB, its examiners found that mortgage servicers continued to assess junk fees in a wide array of activities, including unnecessary property inspection fees and improper late fees. The highlighted observations reflect that boarding errors and compliance failures that involve the assessment of fees will be categorized as "junk fees" by the Bureau as it and other regulatory agencies address the assessment of fees and product pricing for financial products and services.

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