CFPB “junk fees” comment due date extended
Published by: Sean Brown
April 5, 2022 | Political Action
Over the past several weeks, the League has called on our credit union leaders to comment on the CFPB’s overly broad request for information (RFI) related to fees that are not subject to competitive processes. Initially, all comments were due by March 31, 2022; however, the CFPB just extended the deadline to submit a comment until April 11, 2022. If you have already filed your comment, thank you for helping Ohio’s credit unions be heard.
If you missed the initial deadline, this is your last chance to get involved and help advocate against a narrative that could harm all credit unions. As you will see, the RFI is mostly requesting information from the consumer point of view; however, a few questions give credit unions the opportunity to speak to service fees. While the League can identify the issues, it is the data and stories from your point-of-view that can truly illustrate the challenges with this RFI. Click here for a template letter for your use. By giving the CFPB your input, your data, and your story, you are protecting the collective interests of all of Ohio’s credit unions. Once drafted, you should submit your comment directly through the Federal Register. After you have submitted your comment, please reach out and let me know.
Thank you for being engaged credit union advocates! If you have any questions about this issue, submitting your comment, or the action alert, don’t hesitate to reach out to League Regulatory Affairs Director Sean Brown.
Contact Sean Brown for questions or assistance.
