League's Comment Letter to CFPB on Fees: CUs' Fees Represent Cost of Doing Business, Some Fees Already Regulated

Your League is deeply concerned about the Consumer Financial Protection Bureau's decision to engage in a "fishing expedition" related to fees.

The CFPB is looking for justification to require additional disclosures on fees and is fishing to use its UDAAP authority to stop certain practices it alone deems "bad."

We filed a comment letter today noting our concerns that the CFPB is attempting to move the financial service market towards a regime where all fees are included in the cost of credit. We believe this major market shift should require significant study, and ultimately would have a negative impact on credit unions and their members. We appreciate that the CFPB is looking out to protect consumers from abuse, but we urge the agency to look at other industries with a history of consumer abuse, rather than credit unions.

Read the letter