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The White House on Wednesday announced new actions against so-called “junk fees,” including a proposed Federal Trade Commission (FTC) rule that would ban the “hidden and bogus” charges. The new FTC rule would require corporations to include all mandatory fees when communicating a price to consumers, a move that the administration says would make it…
Financial institutions are refunding $140 million to consumers for so-called junk fees, the Consumer Financial Protection Bureau (CFPB) said Wednesday. The consumer watchdog said $98 million is being refunded for surprise overdraft fees, while another $22 million is being refunded for multiple insufficient fund fees levied on a single transaction. The CFPB also accused companies…
Congressional Democrats are teaming up with the Biden administration and a progressive advocacy group to turn policy efforts to curb “ junk fees ” into a political rallying cry, betting that a small but potentially potent kitchen table issue will resonate with voters. President Joe Biden promised in this year's State of the Union address to target unexpected fees tacked on to things like plane and concert tickets, hotel rooms, hospital and cellphone bills and housing transactions. More than a dozen House Democrats around the country plan to hold events organized with help ...
Even in the middle of ongoing unrest in the banking sector, the White House also wants to talk as much as possible about junk fees.
In Singh v. Deloitte, the district court in New York dismissed a putative class action challenging retirement plan recordkeeping and investment management fees. This is another example of the trend among district courts to follow the Sixth Circuit in Smith v. CommonSpirit Health.