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ARTICLE · 04 MAY 2022

One Person's Junk Fee Is Another's Treasure

Alston & Bird
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On January 26, 2022, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), issued a Request for Information (RFI) seeking public comments on fees...

United StatesFinance and Banking
Nanci Weissgold
Nanci Weissgold
Anoush Garakani
Anoush Garakani

Executive Summary

The Consumer Financial Protection Bureau has sought comments on how it can best crack down on what it calls "junk fees." Our Financial Services & Products Group examines how mortgage servicing is singled out and why mortgage servicers should be on alert that their fees will be closely scrutinized.

  • Republican attorneys general argue for more federal–state cooperation
  • Democratic attorneys general want to add convenience fees to the list
  • Takeaway: now is the time for servicers to examine their fee structures

On January 26, 2022, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), issued a Request for Information (RFI) seeking public comments on fees that "are not subject to competitive processes that ensure fair pricing." The director indicated that when consumers do not select their provider, like in loan servicing, "it can lead to stagnation, junk fees, and poor treatment." Chopra also stated that the CFPB

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