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ICBA’s response to President Joe Biden’s comments on “junk fees” during Tuesday’s State of the Union address made headlines.
News Coverage: Politico Morning Money and American Banker reported on ICBA’s statement calling the remarks a mischaracterization of community bank overdraft services and credit card late fees.
ICBA Response to Remarks: In a news release, ICBA President and CEO Rebeca Romero Rainey said:
Community banks offer a range of products for when consumers overdraw their account, including free ad hoc solutions, alerts, and account transfers.
Credit card late fees are clearly disclosed under voluntary contracts.
These services do not constitute surprise “junk fees.”
Previous Pushback: ICBA previously raised concerns with the Consumer Financial Protection Bureau’s new proposed rule on credit card late fees and pushed back against CFPB guidance and prior remarks from Biden suggesting that fully disclosed overdraft protections may be “illegal.”