Washington, D.C. – Today the Consumer Financial Protection Bureau announced new guidance related to fees charged on consumer accounts. Greg Baer, BPI president and CEO, issued the following statement in response:
The CFPB has clear authority to define prohibited fee practices through notice-and-comment rulemaking, but instead continues to rely on invective-filled guidance, which is legally non-binding but which the CFPB has a history of improperly enforcing through the non-public examination process and threats of enforcement action. Banks remain committed to serving their customers by offering the best products at competitive prices, and would welcome a return to a regulatory world where the rules are clear and transparent, and applied universally.
Additional background: The CFPB adopted a final rule in January 2021 affirming that “unlike a law or regulation, supervisory guidance does not have the force and effect of law.”
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.