CBA Submits Comments Ahead of Senate Banking Hearing Titled: “Consumer Protection: Examining Fees in Financial Services and Rental Housing.”
Dear Chairman Brown and Ranking Member Scott:
The Consumer Bankers Association (CBA) submits the following comments for the hearing titled “Consumer Protection: Examining Fees in Financial Services and Rental Housing.” CBA is the voice of the retail banking industry whose products and services provide access to credit to millions of consumers and small businesses. Our members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country’s total depository assets. CBA will focus our comments on the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fees and overdraft rules as they are often inappropriately lumped into the White House’s “junk fees” campaign, which purports to minimize fees charged to consumers by several industries, including but not limited to banks, lodging, transportation, groceries, and entertainment.
