Unanticipated fees trigger UDAAP concerns.
- Resource Type
- Article
- Authors
- MOSS, VALERIE
- Source
- Credit Union Magazine; Spring2023, Vol. 89 Issue 1, p36-38, 3p
- Subject
- ADMINISTRATIVE fees
- Language
- ISSN
- 00111066
The article focuses on the Consumer Financial Protection Bureau (CFPB) issuing guidance on fee practices that could trigger liability under the Consumer Financial Protection Act (CFPA). It mentions that the CFPB has classified certain financial services fees as "junk fees", which credit unions argue against, stating they offer these services as a member benefit. Topics include unanticipated overdraft fee assessment practices and unfair returned deposited item fee assessment practices.