WASHINGTON – Top White House officials and the head of the Consumer Financial Protection Bureau will urge states on Wednesday to expand their efforts to crack down on surprise fees consumers pay for everything from rental housing to cable bills. is forced to.
The push is part of President Joe Biden’s government-wide effort to reduce or eliminate so-called “junk fees” that raise costs for consumers. Some agencies have already taken action, including a proposed rule by the CFPB to cut most credit card late fees and a proposal by the Department of Transportation to require airlines to disclose all fees.
Biden has vowed to continue attacking the issue at the federal level, but the White House said on Wednesday that action by state governments to rid the US economy of “billion dollars in unnecessary, unavoidable, or surprising allegations” would also be warranted. Is necessary.
To boost their efforts, the White House will host a virtual meeting on Wednesday with hundreds of state legislators, some of whom are looking to eliminate junk fees by increasing enforcement, passing new laws or even changing their contracts. Will share actions taken to reduce or eliminate. Third-Party Providers.
It will also release a new guide that maps out the actions states can take.
“These junk fees, which are often not disclosed and only disclosed after the consumer has decided to buy something, obscure true prices and undermine the forces of market competition,” the guide said.
CFPB director Rohit Chopra will speak at the event, which will be livestreamed at 1 p.m. ET, along with Biden’s domestic policy adviser Susan Rice and his new top economic adviser, Lael Brainard, who departed from the Federal Reserve last month.
In a separate letter Tuesday, Housing and Urban Development Secretary Marcia Fudge urged housing providers and state and local governments to protect renters from “hidden, duplicative, or unnecessary fees” that hit low and modest income earners. impresses people the most.
