White House announces new efforts to crack down on 'tens of billions' in junk fees
Publishing timestamp: 2023-10-11 12:48:12
Summary
The Biden administration, in partnership with the Federal Trade Commission and Consumer Financial Protection Bureau, has announced new initiatives to eliminate "junk" fees in business and banking sectors. The proposals aim to increase transparency and save consumers billions of dollars. The agencies will prohibit businesses from burying fees within transactions and require big banks to provide complete and accurate account information without charging excessive fees. The proposals are part of the administration's broader efforts to promote competition and protect consumers.
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Keywords: breaking news: politics, u.s. economy, bank of america corp, products and services, washington, business news, politics, regions financial corp, joe biden, wells fargo & co,