August 29, 2023

NAFCU hosting ‘junk fees’ webinar

WebinarNAFCU is offering a webinar to discuss the increased regulatory scrutiny over fees, what may qualify as a “junk fee,” and the ways a credit union can evaluate their current fees. The webinar, happening Sept. 8 at 2 p.m. Eastern, will also discuss the current status of the proposed Junk Fees Prevention Act.

Register now to attend. Registration also offers on-demand access to the recording of the webinar for one year.

NAFCU has led the charge against the CFPB’s proposal to lower credit card late fees and mischaracterization of “junk fees” in financial services, with NAFCU President and CEO Dan Berger calling for an end to the CFPB’s “war on Main Street.

The association recently wrote to the Senate Banking Subcommittee on Financial Institutions and Consumer Protection to highlight that fees which must be disclosed are not junk fees. Additionally, Berger penned an op-ed for CU Insight to highlight the negative effects of the CFPB’s attack on credit card late fees, noting it will “undoubtedly have wide-ranging ramifications and raise costs on all financial products and services.”

The association will continue to hold the bureau accountable for policy making decisions that would impact the 137 million credit union members.