Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
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:
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