CFPB Extends RFI Comment Period On Bank Fees

The Consumer Financial Protection Bureau is extending the comment period on its request for information concerning bank fees to Monday, April 11. The original comment period ended this Thursday, March 31.
 
In January, the CFPB issued a RFI seeking comments on fees associated with financial products and services offered by banks and nonbank financial institutions. These fees included overdraft fees, insufficient funds fees, credit card fees, remittance fees, prepaid account fees and mortgage fees, among others. 
 
According to a CFPB blog post, the agency has already received 25,000 comment letters. Although it is unknown who all the commenters are, it’s likely most are from individual consumers. This underscores the importance for individual banks to write comments to the CFPB. 
 
MBA has prepared a document with suggested comment points for members to use in developing their own responses. The document is posted on MBA's website and requires a password to access. In addition, MBA is submitting its own comment letter to the CFPB.
 
Please contact Carol Barnett or Keith Thornburg at 573-636-8151 if you have any questions.