WASHINGTON, D.C.— Dennis M. Kelleher, Cofounder, President and CEO, issued the following statement following the release by the Consumer Financial Protection Bureau (CFPB) of its Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions:
“We applaud the CFPB and Director Chopra for setting an agenda that prioritizes relief for the millions of consumers subjected to abusive overdraft fees, fees for insufficient funds, credit card penalty fees, and the wide variety of other fees financial firms use to extract wealth from hard-working Americans. These often unfair and even predatory fees generate huge profits for financial institutions and big bonuses for bankers, but take a crippling toll on consumers, many of whom simply cannot afford the unreasonable costs.
“That’s why Better Markets called for new regulatory protections against these fees. In April 2022, Better Markets submitted a comment letter to the CFPB in response to the agency’s request for information related to junk fees. Better Markets’ comment letter highlighted the often hidden, excessive, discriminatory, or abusive fees charged to consumers, including overdraft fees that banks charge again and again on accounts known to have insufficient funds. That is nothing more than shamefully preying on the poorest and most economically vulnerable people in America. In our letter, Better Markets specifically called upon the CFPB to write new rules establishing better protections against such abuses.
“We welcome the CFPB’s regulatory agenda and its intent to combat fees that unfairly and unreasonably extract wealth from financial consumers. Low- and middle-income families already struggling to meet their basic financial needs should not also be victimized by financial institutions. Bravo for the CFPB standing up for those Americans.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.