President Announces Protections from Junk Bank Fees

He says the measure will help struggling families. 

On Wednesday, President Joe Biden announced the implementation of protections from what he called “junk fees.” The measures include prohibiting banks from issuing surprise overdraft fees and depositor fees on bounced checks. 

In his speech announcing the new actions, he said the move is an effort to provide more “breathing room” to American consumers as the economy and inflation remain top concerns to voters. 

“Today, my administration is announcing new actions to lower the costs of everyday living for American families, to put more money in the pockets of the middle-income and working-class Americans, to hold big corporations accountable,” President Biden said at the White House, pointing to the “unfair hidden fees” like overdraft fees, hidden hotel booking fees, and termination charges when consumers switch cable and internet plans. 

The president said that the new action on junk fees will “immediately start saving Americans collectively billions of dollars in unfair fees,” and that he has directed his administration to “reduce or eliminate” other junk fees.  

“These junk fees – they’re unfair and they’re hitting marginalized Americans the hardest, especially low-income folks and people of color. They benefit big corporations, not consumers, not working families. And that changes now,” President Biden said, saying there would be more “concrete actions” going forward. 

As the Lord Leads, Pray with Us…

  • For President Biden as he and his administration look at ways to lower the cost of living.
  • For Chair Lina Khan to be discerning as she oversees the Federal Trade Commission.
  • For Director Chopra to seek the Lord as he heads the Consumer Financial Protection Bureau

Sources: CNN, The Hill


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