‘It’s just about simple fairness,’ President Joe Biden said in Wednesday remarks about junk 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. “Today I’m proud to announce that my administration has taken our most comprehensive action ever to eliminate junk fees,” President Joe Biden said Wednesday in the White House’s Rose Garden.
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. A group that represents some of the businesses that charge these fees was critical. “The CFPB’s latest advisory opinion is another instance of the bureau overstepping its authority and masking a major power grab as simple ‘guidance,” said Greg Mesack, senior vice president of government affairs at the National Association of Federally-Insured Credit Unions.
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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