April 26, 2023- House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill.
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.
CFPB's report on unlawful junk fees in deposit accounts and in multiple loan servicing markets identifies instances of depository institutions charging junk fees on consumer deposit accounts, including surprise overdraft fees and multiple NSF fees for a single transaction.