On August 15, a coalition of community, civil rights, consumer, and advocacy organizations released a letter urging both presidential candidates to support the CFPB’s ongoing efforts to combat “junk fees.” In a letter addressed to Vice President Harris and former President Trump, the groups emphasized the need for enforcement action and continued regulation of credit card fees, overdraft fees, non-sufficient funds fees and other similar types of fees. The letter highlighted how these fees may affect lower-wage workers, people of color, and small businesses disproportionately and claimed they discourage consumers from obtaining “mainstream” financial products, redirecting them into costlier “fringe” and “predatory” financial services.
The groups argued that such fees caused consumers to fall into debt cycles and accentuated that regulation would help curb these practices. The letter claimed that the CFPB’s actions are “overwhelmingly supported by the public” and called for any future administration to prioritize an economic agenda addressing these alleged financial harms. Specifically, the groups expressed support for an economic justice agenda that would prioritize consumer financial stability and support the CFPB’s role.
