Tag

Competition Council

All articles tagged with #competition council

finance1 year ago•3 min saved

"Biden Administration Caps Credit Card Late Fees at $8 in Crackdown on Excessive Charges"

The Biden administration has finalized a rule through the Consumer Financial Protection Bureau to reduce credit card late fees, estimated to save families $10 billion annually. The rule will cap late fees at $8, preventing automatic increases based on inflation and closing a loophole that allowed fees to balloon to $41. Industry groups representing banks and credit card issuers oppose the rule, arguing it could lead to increased interest rates. President Biden highlighted this effort, along with others, to lower costs for Americans ahead of the upcoming election and his State of the Union address.

via ABC News|

#biden-administration #competition-council #consumer-financial-protection-bureau

politics1 year ago•5 min saved

"Biden Administration Caps Credit Card Late Fees at $8 and Launches Task Force on Unfair Pricing"

The Biden administration has announced a rule to cap all credit card late fees at $8, as part of its campaign against "junk fees." The Consumer Financial Protection Bureau's new regulations will save Americans up to $10 billion a year, with the effort aimed at reducing excessive charges that generate big money for businesses. This comes amid still-high inflation, and the administration's overall efforts are expected to eliminate $20 billion in annual junk fees. However, the move has done little to help Biden politically, as Americans continue to carry record credit card balances and fall behind on their debts, leading to concerns about potential stress on poorer households.

via CBS News|

#biden #competition-council #consumer-protection

politicseconomy2 years ago•4 min saved

"Biden's White House: Tackling Corporate Mergers, Landlord Fees, and Food Prices"

The Biden administration proposed new guidelines for corporate mergers, aimed to disclose landlord junk fees, and launched a crackdown on price-gouging in the food industry during a meeting of the White House Competition Council. The council aims to increase transparency for consumers and limit industry concentration to prevent higher prices and hinder the growth of start-ups and small businesses. Critics argue that these efforts will lead to greater regulatory costs and harm the economy.

via The Associated Press|

#biden-administration #competition-council #corporate-mergers

business2 years ago•1 min saved

Sony Faces Anti-Trust Probe for Alleged Market Abuse in Video Game Console Industry

The Competition Council of Romania is investigating Sony Interactive Entertainment Europe for infringing competition rules in the country by abusing its "dominant position" in the video game market. Sony may have been abusing its market position by prohibiting the sale of game activation codes by competing distributors, reducing purchasing options for PlayStation-compatible video games, leading to higher prices for video games for this type of console. The investigation is ongoing, and the Competition Council has carried out inspections at Sony's premises in Europe to gather information and evidence.

via VGChartz|

#anti-trust-probe #business #competition-council