The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) leading the Administration’s efforts. In this webinar, we will discuss the actions taken by the CFPB and FTC, the fees being targeted, and what steps consumer financial services providers should consider taking in response.
Topics will include:
- What is a "junk fee"?
- CFPB and FTC requests for information on “junk fees”
- Impact on all types of consumer finance products, including credit cards, deposit accounts, payments, auto finance, education loans, mortgages, installment loans, etc.
- CFPB credit card late fees proposal
- CFPB guidance on overdraft and non-sufficient funds fees
- CFPB supervisory and enforcement activity relating to deposits, auto servicing, mortgage servicing, and student loan servicing
- Potential future CFPB and FTC rulemaking and other actions
- Steps providers should consider to reduce compliance risks, including the Ballard Spahr Analytical Framework for identifying fees that CFPB won’t like
Original source can be found here.