Is CFPB’s Focus on Junk Fees Justified?
Former Consumer Financial Protection Bureau attorney Tom Oscherwitz says a review of the agency’s own data proves its stated priorities fail to reflect the issues car buyers are actually complaining about.
In a WardsAuto exclusive, Oscherwitz notes that, when he worked in the CFPB’s Office of Supervision Policy, he relied on the agency’s complaint database to prioritize areas of focus.
“These complaints can give advance warning of the CFPB’s upcoming oversight targets and priorities,” he writes, noting, for example, that GAP refunds and final payment debits became a target following a slew of complaints in 2023.
But when Oscherwitz recently accessed the database, which is open to the public, he found the CFPB may have fallen out of step with the public it’s tasked with protecting.
