Missouri and Lake Area Congressman Blaine Luetkemeyer is speaking out on a proposed rulemaking for credit card fees from the Consumer Financial Protection Bureau (CFPB).
Luetkemeyer says the latest announcement from Director Chopra unfortunately continues to push “far-left priorities” with little to no regard of the “ramifications for our financial system” as a whole.
In a statement, the Congressman indicated that despite the CFPB’s repeated attempts to stigmatize all consumer financial fees, or ‘junk fees,’ the reality is that these fees enable consumers of all types to access vital financial services.
Luetkemeyer says he’s concerned that the Bureau’s actions will only “limit access to credit” for those who need it most, and with historic inflation rates that continue to break records, access to credit has never been more important for American families, meaning and this action has the potential to make “paying for everyday essentials even harder.”
Luetkemeyer is also the ranking member on the Consumer Protection and Financial Institutions Subcommittee.