The Financial Technology Association submitted a comment letter in response to the Consumer Financial Protection Bureau’s inquiry into fees that are not subject to competitive processes that ensure fair pricing.
FTA’s letter reads in part:
“We welcome the opportunity to engage with the Bureau on its inquiry into opaque pricing strategies, including so-called ‘junk fees.’ Many of our member companies launched their businesses to target such fees, increase pricing transparency, and promote consumer-centric fairness and competition. Below we detail specific instances where fintech firms and their innovative products improve consumer outcomes by outcompeting certain legacy financial services providers who rely on opaque pricing models. We provide policy recommendations that foster greater competition, fairness, and fintech innovation.”