ABA HSA Council Statement: CFPB Report Misrepresents Health Savings Account Industry

“We are disappointed to see today’s report from the CFPB, which misrepresents the Health Savings Accounts industry and fails to capture the value millions of Americans nationwide experience by owning an HSA.  Tens of millions of Americans are choosing HSAs for their triple-tax advantage benefits and the control they afford consumers over their money and how it’s invested. The fact that there were approximately 36 million HSAs in the U.S. in 2023 and yet only 189 complaints were filed within the CFPB’s own database – representing just .00052% of all HSA accounts – speaks volumes about how this product meets U.S. consumer needs day in and day out.

“The reality is many of the ‘fees’ identified in the CFPB report either no longer exist or are not incurred by the consumer. For example, employers pay the monthly maintenance fees for the overwhelming majority of HSAs in the U.S.   With more than 1,600 approved HSA administrators in the country, this is a strong and competitive marketplace that allows consumers to choose the provider that best suits their financial needs.”