Chopra pressured on use of ‘junk fees’ label

Consumer Financial Protection Bureau Director Rohit Chopra was challenged about his use of the term ‘junk fees’ during a House Financial Services Committee hearing today, with committee Republicans accusing the agency of making up the concept to give itself power beyond what was mandated by Congress. Chopra appeared before House lawmakers for the second of two days of congressional hearings on the CFPB. He was accused by several Republicans of using the agency’s power to threaten businesses for engaging in legitimate practices.

“When you issue press releases, you make up new words, like ‘junk fees,’” Rep. Blaine Luetkemeyer (R-Mo.) said. “Junk fees is not a legal term. It is not an enforceable term. I’ve checked it with attorneys.… This is an unenforceable term you made it up to give yourself more authority.”