The Consumer Financial Protection Bureau (CFPB) released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay.
There were approximately 36 million health savings accounts in 2023, holding more than $116 billion. These accounts provide tax benefits to help offset the costs of high deductible health plans.
However, these benefits are being offset by charges like monthly maintenance fees, paper statement fees, outbound transfer fees, and account closure fees.
This report is part of the CFPB’s continuing efforts to reduce the risks and costs brought by financial institutions as they increase their presence in the American healthcare system.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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