New proposals from the FTC and CFPB step up an ongoing fight against hidden and surprise fees.
The mountain of meritless and hidden “junk fees” that consumers pay should be banned, Biden administration officials said Wednesday, in an escalation of an ongoing effort to fight hidden charges that cost consumers billions each year.
At the same time, the Consumer Financial Protection Bureau said it’s making it clear that big banks and credit unions cannot charge customers for simple requests, such as fees to review account balances, check-imaging fees or charges to access loan statements. The one-two punch from regulators Wednesday attempts to be a tough new chapter. “These announcements are some of the most comprehensive actions on junk fees the administration has taken to date,” said Lael Brainard, director of the White House’s National Economic Council.
Hidden and deceptive fees are already illegal under federal law, but the proposed FTC rule is an effort to broaden the fight instead of bringing individual cases.
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FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
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FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
Read more »
FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
Read more »
FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
Read more »
FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
Read more »
FTC proposes new rule to ban junk fees, potentially saving consumers billionsThe Federal Trade Commission is proposing a new rule that seeks to eliminate junk fees -- hidden costs that can unexpectedly push up prices consumers pay at checkout.
Read more »