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.

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Michael Ogden

Editor-in-Chief for CU Times.

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