WATCH LIVE: Joe Biden to speak about protecting consumers from hidden junk fees
Eden Villalovas
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President Joe Biden will announce efforts taken in his administration’s plan to ban junk fees.
The efforts include requiring businesses, such as ticket sellers, to disclose mandatory fees upfront and prohibiting banks and large credit unions from implementing excessive fees on their consumers on basic information, such as account balances.
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The Federal Trade Commission proposed the rule changes on Wednesday, writing, “Businesses would have to include all mandatory fees when telling consumers a price, making it easier for consumers to comparison shop for the lowest price.”
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In partnership with the Consumer Financial Protection Bureau, Biden is expected to announce $2 billion in savings along with an additional $140 million that will be returned to consumers who were affected by previous illegal junk fees in banking.