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Fee Income - Banking Exchange
Many providers charge complex and costly maintenance and exit fees
A separate ABA-led association has paused implementation of new rules to CRA
Average late fee charge reduced from $32 to $8
The retail banking industry went on high alert last week as President Joe Biden highlighted a new rule on credit card late fees
The Bureau seems poised to put even more pressure on financial institutions to change their overdraft practices
The new proposal forms part of CFPB’s work to prohibit all junk fees
Proposed rule to ban junk fees aims to remedy widespread concerns
The new rules could save consumers over $3.5 billion in fees per year
In response, the ABA highlights that fees are being eliminated and most customers are satisfied with their bank
The ABA and ICBA have criticized plans to limit late fees on credit cards, which the CFPB believes will slash costs to consumers by $9 billion
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