CBA Submits Letter ahead of Senate Banking Subcommittee Hearing entitled “Taking Account of Fees and Tactics Impacting Americans’ Wallets”
Dear Chairman Warnock and Ranking Member Tillis:
The Consumer Bankers Association (CBA) is pleased to submit this letter for the hearing entitled “Taking Account of Fees and Tactics Impacting Americans’ Wallets” focused on fees assessed to consumers for banking and non-banking products. CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country’s total depository assets.
In conjunction with President Biden, the Consumer Financial Protection Bureau (CFPB or Bureau) Director Chopra has launched a campaign to rein in “junk fees,” which seeks to reduce fees in several industries, including but not limited to hotel and lodging, transportation, and entertainment. In this letter, CBA seeks to address the Bureau’s actions with regard to two banking-specific fees: overdraft and credit card late fees. It is essential to note that all bank-specific fees are by statute and regulation, transparent, and the consumer is notified at the time of an account/product opening and then annually, in advance, of the amount of fees associated with any banking product.
