"FTC's Proposed Rule to Ban Junk Fees Aims to Save Consumers Billions"

The Federal Trade Commission (FTC) has proposed a rule to ban hidden and misleading fees, which cost consumers billions of dollars annually. These fees, known as junk fees, are often added to prices at the end of a purchase, making upfront prices appear artificially low. The proposed rule would require businesses to include all mandatory fees upfront, making it easier for consumers to compare prices. The ban would also cover "bogus fees" designed to deceive consumers. The Biden administration is pushing to eliminate such fees, and the Consumer Financial Protection Bureau has issued guidance to halt large banks from charging them.