Mischaracterizing Bank Fees As “Junk” Harms Consumers Most

Consumer Bankers Association (CBA) President and CEO Lindsey Johnson tonight released the following statement on President Joe Biden’s State of the Union address: 

“As the nation continues to grapple with ongoing economic headwinds, consumers are spending more and making less. According to a recent survey, nearly 70% of workers are unable to cover an emergency $400 expense with savings alone. Continuing to conflate fees charged by banks to extend credit to consumers, with those in other sectors of the economy, fails to recognize the fact that banks operate in the most competitive, well-regulated industry in the world and are required by law to provide clear disclosures aimed at empowering consumers to make informed financial decisions. 

“Further, these statements do not reflect the reality that Americans today rely on bank products and services more than ever to meet their needs – whether to pay their rent, fill up their gas tank, or simply put food on the table.

“Instead of mischaracterizing an entire industry, policymakers across the ideological spectrum should work in tandem with banks to find durable solutions to the economic challenges we face as a nation, including expanding consumers’ access to the financial tools they demand and deserve. Together, we can make a meaningful difference in the lives of all those who are counting on us.”