Ranking Member Waters Applauds Biden Administration's Latest Action on Junk Fees, Announces Forthcoming Legislation

Statement

"I applaud President Biden, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, and Federal Trade Commission (FTC) Commissioner Lina Khan for their recent announcement on actions they are taking to crack down on junk fees and make pricing more transparent. Every single year, junk fees cost our nation's families billions of dollars. These latest actions are helpful steps that will put more money rightfully back in consumers' and renters' pockets. Specifically, I am pleased with the CFPB's action to stop large banks and credit unions from charging consumers for access to their own banking information like checking their balance or obtaining a payoff amount for a loan. I am also pleased the FTC has a proposal to help renters by requiring "all-in price disclosures, eliminating the kinds of unfair, surprise fees that too many renters pay. As the top Democrat on the House Financial Services Committee, I've helped advance legislation to curb overdraft and other types of junk fees that consumers pay, and I applaud the Administration, CFPB, and FTC for using the tools at their disposal to help us put an end to junk fees, once and for all. In the coming weeks, I look forward to further building on this effort by unveiling additional legislation to more expansively address junk fees in the financial services and housing industries."

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