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President Biden Moves to Crack Down on “Junk Fees”

In remarks yesterday, Biden called out banks for charging overdraft fees on checking accounts and late fees for credit cards.

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Biden has tasked the White House Competition Council with coming up with a plan to encourage competition among various industries and reducing fees for consumers. He also urged oil companies to lower prices at the pump and called for an end to termination fees from cellphone companies and rebooking penalties from airlines.

The announcement comes as the Consumer Financial Protection Bureau (CFPB) continues to investigate “junk fees” and considers whether to issue a rule to reign in such fees.

During a roundtable with CFPB Director Rohit Chopra, hosted recently at the Association’s Columbia, Md. Office, Chopra encouraged credit unions to review fee policies to makes sure they work in the best interest of consumers.

This is an issue that is important to credit unions. If you would like to share your concerns over the latest developments with members of our congressional delegation, please join us this Wednesday and Thursday for Climb the Capitol. The event will be a hosted both online and in-person. You can register here.

Meeting Schedule (subject to adjustments)

WEDNESDAY, SEPT. 28 (Virtual)
3:00 pm Senator Chris Van Hollen
3:30 pm Senator Ben Cardin

THURSDAY, SEPT. 29 ( in-person)
All meetings held on 9/29 will be hosted at the Ford House Office Building, ROOM # H2-108
2nd St SW, D St SW, Washington, DC 20024 – lunch will be provided

9:30 am Rep. David Trone (tentative)
10:30 am Rep. Anthony Brown 
11:00 am Rep. Dutch Ruppersberger
12:00 pm Rep. Kweisi Mfume
2:00 pm Rep. Jamie Raskin
**Arrangements are being finalized for meetings with Rep. Steny Hoyer and Rep. David Trone on 9/29

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