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CBA Statement On President Biden’s Remarks On Junk Fees
WASHINGTON, D.C. – Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement after the White House Rose Garden event with officials from the Consumer Financial Protection Bureau (CFPB) and other agencies focused on efforts to curb fees across various industries.
“Banks exist to provide consumers and small businesses access to the financial tools necessary to help them achieve their American Dream. Nobody likes to pay unnecessary fees and the reality is that banks operate in one of the most highly regulated and competitive markets in the world. It is deeply concerning to see this Administration once again use rhetoric that fails to reflect this reality and mischaracterizes an industry whose central mission is to strengthen the financial well-being of millions of Americans on Main Streets across this nation.
“Given the many challenges we face today as a country, including heightened geopolitical uncertainty and ongoing economic headwinds, policymakers should instead be focused on working in tandem with banks on furthering shared priorities for the people we’re all working to serve. CBA and our members would welcome the opportunity to discuss these and other priorities directly with Director Chopra.”
In August 2022, CBA and other leading financial trades sent a letter to the CFPB responding to its request for information about customer service practices at large financial institutions and questioning the relationship between Dodd Frank Act Section 1034(c) and customer service. You can read the full letter HERE.