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McHenry Statement on CFPB Proposal on Credit Card Fees

Washington, Jun 22 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) Advance Notice of Proposed Rulemaking regarding credit card fees.

“This is another attempt by the Biden Administration to force through a progressive priority that Democrats don’t have the votes to pass in Congress,” said Republican Leader McHenry. “It’s clear Director Chopra is targeting financial institutions that charge fees for services based on his predetermined notion that all fees are ‘exploitive junk fees.’ However, limiting the fees that issuers can charge to cover costs and deter bad behavior threatens the safety and soundness of our financial system. This move is another step toward choking off access to credit under the guise of consumer protection, at a time when Democrat policies are making everyday essentials unaffordable.”

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