Consumer and Junk Fees - Payments Space

There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?

Stax

DECEMBER 2, 2024

In parallel with growing market adoption of surcharging, more states have considered and enacted surcharging legislation, often with the stated goal of standardizing surcharging and ensuring consumer protection. In 2024 alone, more than a dozen state legislatures introduced bills related to surcharging and consumer fees generally.

Junk Fees

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Everything You Need to Know About the Credit Card Competition Act

Evolve Payment

DECEMBER 12, 2024

Many argue that this dominance has created a duopoly, limiting competition and driving up merchant fees. SMBs and consumers alike are significantly impacted by these junk fees that unnecessarily drive up costs. What Is the Credit Card Competition Act?

Credit Cards

Credit Cards Junk Fees Visa Debit Card

Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges

Payments Dive

JANUARY 3, 2025

A Consumer Financial Protection Bureau lawsuit alleges the retailer and fintech Branch Messenger illegally opened accounts for drivers, and deposited their pay into accounts without their consent.

Junk Fees

Junk Fees CFPB Accounts FinTech

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

Finextra

NOVEMBER 8, 2024

The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.

Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB) Credit Union Junk Fees CFPB

Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

Fintech Finance

JANUARY 23, 2024

As political efforts intensify to combat junk fees across various sectors, a groundbreaking study conducted by Wise , the global technology company building the best way to move and manage money internationally, unveils a hidden landscape of fees plaguing the everyday lives of Americans.

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Bank of America fined $250M over fake accounts, junk fees

Payments Dive

JULY 11, 2023

Regulators say Bank of America opened credit card accounts without customers’ consent and misled consumers with respect to rewards for card applications.

Junk Fees

Junk Fees Accounts Credit Cards Regulations

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Fintech Finance

JULY 19, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. Most fee revenue, 92.5%, was for expedited transfers.

CFPB

CFPB Rules Product Consumer Financial Protection Bureau (CFPB)

Thoughts on 1033 and Open Banking

Innovative Payments Association

JANUARY 10, 2024

On October 31 , the Consumer Financial Protection Bureau published its proposed rule on open banking. The proposed rule would require banks, credit unions, and other financial services companies to share account and transaction data with consumers and authorized third parties.

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Junk Fees CFPB Rules Direct Deposit

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

MARCH 27, 2024

While the Consumer Financial Protection Bureau [CFPB] plans to issue further guidance to provide greater clarity concerning the application of federal law to income-based advance products, several states have taken individual legislative actions targeting EWA in recent months.

Instant Payments

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) Junk Fees

CFPB Finalizes Rule Limiting Credit Card Late Fees

Global Fintech & Digital Assets

MARCH 8, 2024

The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. No inflation adjustment: The automatic annual inflation adjustment permitted under the implementing statute no longer applies to the $8 late fee threshold.

CFPB

CFPB Credit Cards Rules Card Issuer

White House, CFPB are coming for ‘junk fees’

Payments Dive

OCTOBER 11, 2023

The Biden administration and the CFPB want banks and other institutions to stop hitting consumers with extra fees. Come February, offenders face monetary penalties.

Junk Fees

Junk Fees CFPB Consumer

Donald Trump, Kamala Harris, and the Future of Fintech

Finovate

OCTOBER 28, 2024

” If past is prologue, then Trump’s signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018 could provide some clues. Nevertheless, it is easy to see a Democratic administration looking to fortify and even extend a range of consumer protections in financial services.

FinTech

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Payments Space

There’s a Push to Ban Junk Fees. Does It Affect Credit Card Surcharging?

Everything You Need to Know About the Credit Card Competition Act

Trending Sources

Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

Widespread Consequences of Junk Fees Uncovered, With Financial Transactions Showing Most Impact on Americans

Bank of America fined $250M over fake accounts, junk fees

CFPB Proposes Interpretive Rule to Ensure Workers Know the Costs and Fees of Paycheck Advance Products

Thoughts on 1033 and Open Banking

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

CFPB Finalizes Rule Limiting Credit Card Late Fees

White House, CFPB are coming for ‘junk fees’

Donald Trump, Kamala Harris, and the Future of Fintech

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