Congressman Andy Barr | Rep. Andy Barr Official U.S. House headshot
Congressman Andy Barr | Rep. Andy Barr Official U.S. House headshot
Washington, D.C. - Congressman Andy Barr (KY-06) has expressed his concerns regarding the recent guidance issued by the Consumer Financial Protection Bureau (CFPB) on junk fees charged by large banks for basic consumer services.
In a statement released this week, Barr criticized the CFPB's guidance, stating that it is "overly vague" and puts smaller and regional institutions at a disadvantage. He emphasized the importance of financial service providers being responsive to consumer requests for information without imposing unreasonable obstacles.
However, Barr believes that the CFPB's advisory opinion does little to benefit consumers and instead seems to be focused on promoting a political campaign against the private sector. He finds it ironic that the CFPB, an agency that is unresponsive to requests for information from Congress, is criticizing private-sector financial institutions for their customer service practices.
Barr concludes his statement by pointing out that the CFPB charges its own "junk fees" for Freedom of Information Requests made by citizens. He argues that this further highlights the agency's lack of transparency and accountability.
It is important to note that the CFPB has not responded to Barr's statement at this time.
To find out more, go to this link: https://barr.house.gov/press-releases?ID=EF96AFE3-1E21-4DB0-8F3B-136F1F151CA0
Alerts Sign-up