The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases.
Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees.
In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees.
Democrats argued the power to target junk fees fits within the CFPB's core duties.
"And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.
Persons:
Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock
Organizations:
WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat
Locations:
Wells Fargo, Georgia