WASHINGTON, DC – After the Biden administration and the Consumer Financial Protection Bureau (CFPB) ramped up their efforts to curb credit card late fees this week, government watchdog Accountable.US is highlighting its body of research on the financial industry’s history of ‘junk fees’ ahead of Biden’s State of the Union address. 

Curbing “junk fees”—abusive, often-hidden fees and penalties that disproportionately impact low-income Americans—has been a major part of the CFPB’s efforts to protect consumers from predatory banks across the country. Within the last year, the agency and the Biden administration have taken major steps to rein in the financial industry’s exploitative practices, including introducing official guidance on eliminating “junk fees” for good. 

[Watch A.US’ video to learn more about junk fees

Meanwhile, as the CFPB continues to ramp up its actions, the House’s MAGA Majority and business groups like the U.S. Chamber of Commerce are frantically trying to weaken the agency’s rulemaking power. 

Tackling abusive charges across the financial industry is expected to be a major agenda item in President Biden’s SOTU address next week. Here is in-depth research from Accountable.US on the history of junk fees and their impact on American consumers: 


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