White House and Consumer-Protection Agencies Join Forces to Tackle Excessive Fees

The White House, in partnership with consumer-protection agencies, plans to introduce measures to combat excessive fees associated with goods and services. President Biden and federal regulators plan to introduce new rules to ban unexpected fees in certain sectors and require upfront fee disclosures, aiming to reduce financial burdens on consumers and improve transparency. The FTC and CFPB specifically target excessive bank fees and data portability to make switching banks easier. The Biden administration is also proposing new rules to address unfair fees in industries like credit cards and ticketing, with the FTC and CFPB already taking initial actions.