Biden-⁠Harris Administration Announces Broad New Actions to Protect Consumers From Billions in Junk Fees

President Biden was joined by Federal Trade Commission (FTC) Chair Lina Khan and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra as they announced new efforts to crack down on junk fees and bring down costs for American consumers. Junk fees are hidden, surprise fees that companies sneak onto customer bills, increasing costs and stifling competition in industries across the economy. In 2022, President Biden called on federal agencies, Congress, and private companies to crack down on junk fees and provide consumers with the full price upfront. The FTC is proposing a rule that, if finalized as proposed, would ban businesses from charging hidden and misleading fees and require them to show the full price up front. The CFPB is taking action to require large banks and credit unions to provide basic information to consumers without charging fees—meaning no more fees for basic services like checking bank account balances, obtaining a payoff amount for a loan, or getting account information needed for applications. These announcements build on important actions the Biden-Harris Administration has already taken to address junk fees, which can be viewed in full here.