Joe Biden, CFPB target junk fees, hoping to ease economic pressure on low-income families
-
Loading... - Marc Blaise
- 28 Oct 2022
- 65 Views
- 0 Like
- 0 Comment
The Biden administration on Wednesday said it was going after "junk fees" charged by banks that largely target low-income residents and people of color.
The Consumer Financial Protection Bureau issued guidance to end two junk fee practices that it says are likely unfair and unlawful.
The guidance, if adopted by financial institutions, could save Americans billions of dollars according to the CFPB.
"They're unfair and they hit marginalized Americans the hardest," President Joe Biden told a press conference. "They benefit big corporations. Not consumers. Not working families. And that changes now."
The White House push comes as some major banking institutions, such as Bank of America, eliminated or reduced fees this year. Read More...
