Search
 
News

CU Trades & Other Groups Argue Against CFPB's 'Junk Fees' Study

Several organizations say the bureau is inappropriately collecting policy-guiding information.

entrance to the CFPB building in Washington, D.C. Source: Shutterstock.

In a five-page letter to the White House’s Office of Information and Regulatory Affairs (OIRA), NAFCU, CUNA and three other organizations raised concerns that the CFPB’s “Junk Fee Timing Study” is being used to collect data in its effort to restrict “junk fees.” The study does not meet the public comment obligations under the Paperwork Reduction Act (PRA) and should not receive a general clearance, the group argued.

The letter, also signed by the American Bankers Association, Consumer Bankers Association and the U.S. Chamber of Commerce, stated the CFPB’s study “must obtain approval by OIRA under the PRA, which requires agencies to provide two opportunities to comment on a collection request.” A move, the organizations argue, the bureau has not done.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

More from this author

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.