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Cfpb ecoa12/3/2023 ![]() and chances are that the CFPB has caught them red-handed engaging in any one of these tricks, at least once, and sometimes all at the same time," Warren, D-Mass., said. "Name your favorite big bank: Bank of America, Wells Fargo, JP Morgan Chase. Elizabeth Warren, a critical figure in creating the CFPB, said the agency has effectively deterred banks from collecting billions in predatory fees from consumers. Johnson, who served as the CFPB's deputy director under former President Donald Trump, accused the agency of "indiscriminately attacking a growing list of common financial services fees, no matter that they are lawful and fully disclosed."ĭemocrats argued the power to target junk fees fits within the CFPB's core duties. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. The CFPB has drawn Republican ire for a variety of proposals to curb the charges, including a plan to cap credit card late fees at as little as $8. Thom Tillis, R-N.C., ranking member of the subcommittee on Financial Institutions and Consumer Protection. The agency "is undertaking a name and shame campaign to coerce banks who were following the established prudential standards for the crime of listening to their previous federal regulators," said Sen. The GOP criticism comes amid a sustained Republican effort to claw back the CFPB's powers. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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