U.S. Capitol Building U.S. Capitol. (Source: Shutterstock)

During Tuesday’s State of the Union address by President Joe Biden, the term “junk fee” was included in his speech to Congress as he mentioned his support for the CFPB’s credit card late fee proposal that was introduced Feb. 1.

Leaders from CUNA and NAFCU were quick to point out that there’s more to the story than junk fees and protecting consumers – there’s a real risk of the CFPB’s proposed rule damaging the credit union industry.

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Michael Ogden

Editor-in-Chief for CU Times.

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