Washington, D.C. – This week, Congressman Andy Barr (KY-06) released the following statement on the CFPB guidance to halt large banks from charging illegal junk fees for basic consumer service.
“The Director’s Advisory Opinion issued by the CFPB today is overly vague and disadvantages smaller and regional institutions. Republicans agree that providers of financial services owe it to their customers to be responsive to consumer requests for information regarding their accounts without imposing unreasonable impediments.  However, the CFPB Director’s advisory opinion released today does little to nothing to help consumers. It appears to be aimed mostly at continued promotion of a political campaign to disparage the private sector. It is ironic that the CFPB’s latest tirade against provision of customer service by private-sector financial institutions comes from an agency that itself is unresponsive to requests for information from Congress and charges its own “junk fees” for Freedom of Information Requests made by citizens interested in piercing the increasingly opaque and unaccountable Bureau.”