"Biden Administration and FTC Unite to Eliminate Junk Fees, Saving Consumers Billions"

President Joe Biden is set to announce new measures aimed at cracking down on junk fees, with the Federal Trade Commission proposing a rule to ban hidden or misleading fees and require companies to disclose full prices upfront. The crackdown is expected to save consumers $2 billion and result in $140 million in refunds. The Consumer Financial Protection Bureau will also take steps to prohibit large banks and credit unions from charging fees for basic services and require banking institutions to allow customers to securely send transaction data to other companies, promoting competition and deterring junk fees.