US EditionFTC proposes a ban on 'junk fees' and says hidden charges push up prices
- The FTC has proposed a new rule that would require businesses to present fees upfront, potentially saving consumers over $10 billion in the next decade.
- Hidden fees can cause consumers to pay up to 20% more, according to research cited by Lael Brainard, director of the White House National Economic Council.
- The CFPB is taking action against big banks for excessive fees, and the proposed FTC rule would block large banks from charging junk fees for basic customer services.
53 Articles
53 Articles
Biden says the FTC's proposed ban on junk fees will help families and 'honest' businesses - Maryland Daily Record
President Joe Biden announced a proposed rule by the Federal Trade Commission to ban any hidden and bogus junk fees. The post Biden says the FTC’s proposed ban on junk fees will help families and ‘honest’ businesses appeared first on Maryland Daily Record.
Remarks by President Biden on New Actions to Protect Consumers from Hidden Junk Fees and Put More Money Back in the Pockets of Hardworking Americans
Rose Garden 12:02 P.M. EDT THE PRESIDENT: Thank you, thank you, thank you. (Applause.) MS. CHONG: Thank you. THE PRESIDENT: They’re going to walk you down those stairs. MS. CHONG: Okay. THE PRESIDENT: Watch your step. MS. CHONG: All right, thank you so much. THE PRESIDENT: Becky, thank you. Folks, before I begin — please have a seat. Before I begin, I want…
Biden announces new actions slashing junk fees
(CNN) — President Joe Biden on Wednesday unveiled new efforts to crack down on junk fees while announcing $2 billion in savings and $140 million in consumer refunds from previous crackdowns on junk fees from the Consumer Financial Protection Bureau.
Biden administration takes aim at junk fees across the economy
WASHINGTON -- The Biden administration took another shot at unpopular junk fees on Wednesday by proposing that businesses be required to disclose mandatory fees up front and instructing banks not to impose excessive charges for basic information such as account…
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