Cheating is pervasive in American business, epitomized by the junk fee. Finally, FTC Chair Lina Khan and CFPB Director Rohit Chopra are pushing back with rules barring hidden fees.
On Tuesday, the Chair of the Federal Trade Commission, Lina Khan, and the Director of the Consumer Financial Protection Bureau, Rohit Chopra, unveiled a series of proposed regulations to ban these fees by forcing disclosure of the total price of goods and services.
The Today Show, the New York Times, NPR, lots of local news, covered it, and even people who despise anti-monopoly regulators, like the anchors on CNBC, offered praise.
It’s obviously a heavy foreign policy week, but junk fees are so annoying and pervasive that President Biden took time to talk up how his regulators are attacking the problem.
For instance, there’s Richard Hunt, the former head of the Consumer Bankers Association and a current consultant for credit card firms, who regularly criticizes Chopra in bitter and personal terms.
Many lawyers made their careers fighting the CFPB on behalf of firms who want to cheat customers, so expect more pugilistic rhetoric in the corridors of the American Bar Association.
“Hotels in Las Vegas add required junk fees to their reservations which obfuscate the real prices and make nightly room rate comparisons impossible.” - Zachary Palmese
The original article contains 1,801 words, the summary contains 187 words. Saved 90%. I’m a bot and I’m open source!
This is the best summary I could come up with:
On Tuesday, the Chair of the Federal Trade Commission, Lina Khan, and the Director of the Consumer Financial Protection Bureau, Rohit Chopra, unveiled a series of proposed regulations to ban these fees by forcing disclosure of the total price of goods and services.
The Today Show, the New York Times, NPR, lots of local news, covered it, and even people who despise anti-monopoly regulators, like the anchors on CNBC, offered praise.
It’s obviously a heavy foreign policy week, but junk fees are so annoying and pervasive that President Biden took time to talk up how his regulators are attacking the problem.
For instance, there’s Richard Hunt, the former head of the Consumer Bankers Association and a current consultant for credit card firms, who regularly criticizes Chopra in bitter and personal terms.
Many lawyers made their careers fighting the CFPB on behalf of firms who want to cheat customers, so expect more pugilistic rhetoric in the corridors of the American Bar Association.
“Hotels in Las Vegas add required junk fees to their reservations which obfuscate the real prices and make nightly room rate comparisons impossible.” - Zachary Palmese
The original article contains 1,801 words, the summary contains 187 words. Saved 90%. I’m a bot and I’m open source!