Fannie Mae (FNMA)

[Robert from yahoo bd]

Imagine what would happen if Rojit Chopra was the FHFA Director instead of Sandra L Thompson:

"On Wednesday, the agency released a list of illegal junk fees encompassing deposit accounts; auto and mortgage loan servicing; and payday and title lending.

Subcommittee member Blaine Luetkemeyer, R-Mo., said Chopra has used junk fees as an excuse to expand his authority.

“So, the fact that we now call them junk fees doesn’t mean it’s real,” Luetkemeyer said after witness Jessica L. Thompson, an attorney at the conservative-leaning Pacific Legal Foundation, agreed that the term does not exist as in the financial lexicon.

“Because there is no such word out there. There is no authority. So, I think we as a group need to be pushing back,” he said.

The murky definition for junk fees leaves financial institutions “with no roadmap as to how to follow that,” said William Himpler, president and CEO of the American Financial Services Association, a trade group for consumer credit companies.

Another witness accused the CFPB of making arbitrary decisions about what qualifies as a junk fee. The CFPB’s working definition of junk fees is “any fee they don’t like,” argued Devin Watkins, an attorney at the conservative-leaning Competitive Enterprise Institute.

“When the definition under how they’re acting is so broad like that, it raises real non-delegation concerns that could undermine their authority to enact any of these,” Watkins said."

https://www.cnbc.com/2023/03/09/house-hearing-targets-cfpb-over-junk-fees.html