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Consumer Reports letter to the CFPB on junk financial fees

Consumer Reports comment letter to the Consumer Financial Protection Bureau on onerous fees charged by banks and other financial companies.   Earlier this year, the CFPB launched an initiative to examine junk financial fees.  CR’s letter highlights some of the fees that frustrate consumers and is accompanied by a compilation of over 1,800 stories about fees shared by its members (Appendix A).  Consumer Reports is urging the CFPB to protect consumers against excessive, unexpected and hidden fees, and to create greater transparency and accountability to help customers compare financial services more effectively.