![]() ![]() By closing the loophole that has allowed companies to charge these excessive late fees, today’s action will not only save consumers billions of dollars but promote fair and competitive markets. For too long, surprise and hidden late fees have burdened consumers. Today, The Consumer Financial Protection Bureau (CFPB) finalized a rule to slash credit card late fees from the current average of $32 down to $8, saving consumers $10 billion a year, or an average savings of $220 per year for the more than 45 million people who are charged these late fees annually. Ending excessive credit card late fees.DOJ and FTC, along with other agencies on the Strike Force, will focus their collaborative efforts on key sectors where corporations may be violating the law and keeping prices high, including prescription drugs and health care, food and grocery, housing, financial services, and more.Īt its sixth meeting, President Biden’s Competition Council will announce three new actions to promote competition and lower costs and release a new report showing that the Administration’s work to eliminate junk fees will save Americans more than $20 billion each year: This Strike Force will strengthen interagency efforts to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices. To that end, the President is establishing a new Strike Force on Unfair and Illegal Pricing co-chaired by the Department of Justice (DOJ) and the Federal Trade Commission (FTC). President Biden is committed to making sure corporations are held accountable when they try to rip off Americans, including when they break the law while keeping prices high. Today, President Biden will launch a new Strike Force to crack down on unfair and illegal pricing. Under the President’s leadership, agencies across the Administration are working to promote competition, protect consumers, and lower prices by implementing the President’s Executive Order on Promoting Competition in the American Economy. President Biden is laser focused on lowering costs for hardworking Americans by taking action to end corporate rip-offs and other unfair practices that keep prices high. ![]() Launch of Strike Force on Unfair and Illegal Pricing New Actions to Slash Credit Card Late Fees, Combat High Internet Costs, and Support Small Farmers And New Report Showing That Administration Efforts to Eliminate Junk Fees Will Save Over $20 Billion Annually Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””. ![]()
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