2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
On Jan. 26. 2022, the Consumer Financial Protection Bureau (CFPB) announced a new initiative to address what they deemed are exploitative junk fees charged by financial institutions and financial companies. According to the CFPB’s research, in 2019, the major credit card companies charged over $14 billion each year in punitive late fees. During this same time, bank revenue from overdraft and non-sufficient funds (NSF) fees surpassed $15 billion. The CFPB has issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services to hear from people about their experiences with financial institution fees, related to:
Learn more about fee regulations by contacting the compliance specialists in our Financial Institutions Group.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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