The Consumer Financial Protection Bureau (CFPB) recently announced an initiative to stop lenders from charging potentially excessive and exploitative ancillary “junk” fees that may obscure the actual cost of the product being purchased. While many notable instances of these fees are tied to credit card late fees, bank deposit overdraft, and insufficient funds fees, mortgage loan closing fees are also considered.

The first step in this initiative is a public request for information about consumers’ experiences with fees they believed were included in the price but were charged separately, unexpected fees, fees that seemed too high for the service provided, and fees where the purpose of the fee was unclear. The CFPB requests input not only from consumers but also from other potential stakeholders, such as small business owners, academics, local government officials, and financial institutions.

The CFPB’s stated goal is to remove unnecessary barriers to homeownership, as well as additional charges that may price a homeowner out of a home.  While the period for sending comments has passed, the link to the announcement is here.