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In a five-page letter to the White House's Office of Information and Regulatory Affairs (OIRA), NAFCU, CUNA and three other organizations raised concerns that the CFPB's "Junk Fee Timing Study" is being used to collect data in its effort to restrict "junk fees." The study does not meet the public comment obligations under the Paperwork Reduction Act (PRA) and should not receive a general clearance, the group argued.
The letter, also signed by the American Bankers Association, Consumer Bankers Association and the U.S. Chamber of Commerce, stated the CFPB's study "must obtain approval by OIRA under the PRA, which requires agencies to provide two opportunities to comment on a collection request." A move, the organizations argue, the bureau has not done.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
