(Dec. 3, 2021) Fees – both mandatory and maximum allowable — are on the increase for 2022 under actions taken this week by the CFPB and the Federal Reserve.
A 50-cent increase in the maximum allowable fee that a nationwide consumer reporting agency or nationwide specialty consumer reporting agency can charge consumers for their credit reports will raise next year’s fee maximum to $13.50, according to CFPB.
The Fair Credit Reporting Act (FCRA) requires that a nationwide consumer reporting agency provide one file disclosure to a consumer, upon request, every 12 months; it provides for other no-cost disclosures under certain circumstances, the bureau noted. Where a fee is permitted, however, and under the recent adjustment, it may not be greater than $13.50, according to the CFPB’s notice in Monday’s Federal Register.
Also this week: the Federal Reserve announced its priced services fees will increase an average 3.7% in the new year. The Fed said increases in the fee schedule for 2022 are generally like previous years, except 2021 where fees other than the Check Services Participation Fee remained flat.
The priced services are categorized within check services, FedACH, Fedwire® Funds and NSS, and Fedwire Securities, the agency said. The 2022 fee schedule for each of the priced services is available on the Federal Reserve Banks’ financial services website at FRBservices.org®. Specific fee changes are detailed more fully in the Fed’s draft notice for the Federal Register, which also details the Fed-approved $19.4 million “private sector adjustment factor” (PSAF) for 2022.