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CFPB, FTC take action on ‘junk fees’ among large banks, credit unions
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Banking, Consumer Protection
Friday, October 13, 2023
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Asserting that charging consumers excessive fees to obtain
information about their own accounts violates consumer protection laws, the
Consumer Financial Protection Bureau issued an advisory opinion generally
prohibiting the practice among large financial institutions.
The bureau shared its opinion the same day the Federal Trade
Commission announced a proposed rule banning large banks and credit unions
charging so-called “junk fees.”
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