What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry: A Look at the Fees Under Attack

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) leading the Administration’s efforts. In this webinar, we will discuss the actions taken by the CFPB and FTC, the fees being targeted, and what steps consumer financial services providers should consider taking in response.

Topics will include:

• What is a "junk fee"?
• CFPB and FTC requests for information on “junk fees”
• Impact on all types of consumer finance products, including credit cards, deposit accounts, payments, auto finance, education loans, mortgages, installment loans, etc.
• CFPB credit card late fees proposal
• CFPB guidance on overdraft and non-sufficient funds fees
• CFPB supervisory and enforcement activity relating to deposits, auto servicing, mortgage servicing, and student loan servicing
• Potential future CFPB and FTC rulemaking and other actions
• Steps providers should consider to reduce compliance risks, including the Ballard Spahr Analytical Framework for identifying fees that CFPB won’t like

CLE Credits: This program is approved for 1.5 CLE credit in CA, NJ, & NY. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions. Please note: CLE credit in the following states will not be available: NV and PA.

Please register at least two days before the webinar(s). Login details will be sent to all approved registrants. For more information, contact questions@ballardspahr.com.