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Published: Jan 28, 2022 4 min read
The Consumer Financial Protection Bureau building

If you're tired of outrageous fees charged by banks, mortgage lenders and other financial institutions, a federal consumer watchdog group wants to hear your story.

The Consumer Financial Protection Bureau (CFPB) just launched a new initiative encouraging people to lodge complaints about the worst fees they've encountered. The CFPB — a federal agency established in 2011 to protect and enforce consumer financial laws — says it will use this feedback to crack down on “junk fees” charged by banks, credit unions, credit card companies, mortgage lenders and more, potentially saving Americans billions of dollars in the process.

“Many financial institutions obscure the true price of their services by luring customers with enticing offers and then charging excessive junk fees,” said CFPB Director Rohit Chopra in a press release. “By promoting competition and ridding the market of illegal practices, we hope to save Americans billions.”

Consumers have until March 31 to submit comments about fees to the agency.