White House and FTC Take Aim at 'Junk Fees' in New Crackdown Efforts

The White House, in collaboration with the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), is set to announce new initiatives aimed at curbing "junk" fees tied to goods and services. The FTC's proposed rule would ban burying fees within transactions and require upfront disclosure, potentially saving consumers over $10 billion in the next decade. The CFPB is targeting big banks by emphasizing consumers' rights to access complete and accurate account information without excessive fees. The proposals are part of the Biden administration's efforts to increase competition and protect consumers.