--- title: Junk fee elimination hurts more than helps description: "Regulators' focus on eliminating \"junk fees\" may harm consumers by limiting access to affordable credit. Learn how financial institutions are impacted and how America's Credit Unions advocates for transparency." image: https://content.americascreditunions.org/hubfs/June-TOF-Junk-Fees-BN.jpg --- [![AmericasCUs_Logo](https://content.americascreditunions.org/hs-fs/hubfs/AmericasCUs_Logo.webp?width=200&height=47&name=AmericasCUs_Logo.webp)AmericasCUs\_Logo](https://www.americascreditunions.org) Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. - Menu Item - Sub Menu - Sub Menu - Sub Menu ![5 KPIs of Successful ERP Implementation](https://www.manobyte.com/hubfs/chub_backup/5%20KPIs%20of%20Successful%20ERP%20Implementation.jpg) #### Section Header Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. [![AmericasCUs_Logo](https://content.americascreditunions.org/hs-fs/hubfs/AmericasCUs_Logo.webp?width=200&height=47&name=AmericasCUs_Logo.webp)](https://www.americascreditunions.org) Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu - Menu Item - Sub Menu - Sub Menu - Sub Menu [Blog Search](https://content.americascreditunions.org/en/topics-of-interest) > [Serving Your Members](https://content.americascreditunions.org/en/topics-of-interest/tag/serving-your-members) # Junk fee elimination hurts more than helps By [America's Credit Unions](https://content.americascreditunions.org/en/topics-of-interest/author/americas-credit-unions) / June 3, 2024 at 11:00 AM [Return to Blog](https://content.americascreditunions.org/en/topics-of-interest) ![Junk fee elimination hurts more than helps](https://content.americascreditunions.org/hubfs/June-TOF-Junk-Fees-BN.jpg) Regulators’ focus on eliminating so-called “junk fees” could deprive consumers of much-needed financial services, including access to affordable credit, according to discussion at a [Governmental Affairs Conference (GAC) panel in March](https://www.americascreditunions.org/news/junk-fees-regulatory-challenges-covered-in-gac-breakouts-tuesday/). Panelists said financial institution service charges are under attack from multiple directions. The latest attempt is Consumer Financial Protection Bureau’s (CFPB) final rule cutting typical credit card late fees from $32 to $8 for issuers with more than one million open accounts. However, that threshold will not prevent the rule from creating limited access to affordable credit for those who need it most. A [Texas district court issued a preliminary injunction](https://www.americascreditunions.org/news/court-stops-cfpbs-credit-card-late-fees-rule/) to stop the CFPB’s credit card late fees rule from taking effect in early May. “The agency’s actions may put consumers at risk,” said Jim Hunsanger, chief risk officer at Michigan State University Federal Credit Union, one of GAC panelists. "We try to be as transparent with our members as possible, he said, citing overdraft protection as an example. The vast majority of consumers use this to avoid using riskier providers such as payday lenders. This could limit their ability to manage their financial lives. We need to make these programs sustainable for the long term. America’s Credit Unions President/CEO Jim Nussle has called the credit card late fees final rule “misguided” and argued it “clearly demonstrates a misunderstanding of how credit cards work.” The organization has supported congressional resolutions to revoke the rule. The U.S. Supreme Court has heard arguments in another lawsuit directly challenging the bureau’s funding structure and is expected to issue a decision by the end of June. The Court’s decision could impact this lawsuit regarding the credit card late fees rule and several other pending lawsuits. Read more about [America’s Credit Unions continues to advocate for increased accountability](https://www.americascreditunions.org/news/cfpb-needs-reforms-to-structure-funding-mechanism/) and transparency at the CFPB. ## Related Posts ![Horizontal](https://content.americascreditunions.org/hs-fs/hubfs/Horizontal.png?width=315&height=74&name=Horizontal.png) Contact our Member Experience Team [800-356-9655](tel:8003569655) or [hello@americascreditunions.org](mailto:hello@americascreditunions.org) [![Instagram](https://content.americascreditunions.org/hs-fs/hubfs/LinkedIn.png?width=32&height=32&name=LinkedIn.png)](https://www.linkedin.com/company/americascreditunions/)![LinkedIn](https://content.americascreditunions.org/hs-fs/hubfs/Instagram.png?width=32&height=32&name=Instagram.png)[![Twitter](https://content.americascreditunions.org/hs-fs/hubfs/Twitter.png?width=32&height=32&name=Twitter.png)](https://twitter.com/AmericasCUs)[![Facebook](https://content.americascreditunions.org/hs-fs/hubfs/Facebook.png?width=32&height=32&name=Facebook.png)](https://www.facebook.com/AmericasCreditUnions) © America's Credit Unions 2026,  All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "America's Credit Unions", "url" : "https://content.americascreditunions.org/en/topics-of-interest/author/americas-credit-unions" }, "dateModified" : "2024-06-05T16:28:42.639Z", "datePublished" : "2024-06-03T16:00:00.000Z", "headline" : "Junk fee elimination hurts more than helps", "image" : [ "https://content.americascreditunions.org/hubfs/June-TOF-Junk-Fees-BN.jpg" ], "mainEntityOfPage" : { "@id" : "https://content.americascreditunions.org/en/topics-of-interest/junk-fee-elimination-hurts-more-than-helps", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://content.americascreditunions.org/hubfs/Assets/Logos/Americas%20Credit%20Unions/ACU-3line-Purple-500x164.png" }, "name" : "Credit Union National Association" } } ```