The Biden Administration’s “Junk Fees” Initiative Continues: What the Latest Actions Mean for the Consumer Financial Services and Rental Housing Industries

Launched in January 2022, the Biden Administration’s initiative directed at combatting so-called “junk fees” shows no signs of abating. In this webinar, a follow up to our well-attended May 2023 webinar on “junk fees,” we will discuss the Administration’s latest salvo of actions. In addition to the actions of the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), who continue to be at the forefront of federal efforts, we will also look at recent state activity targeting “junk fees.”

Topics will include:

• The FTC’s proposed rule to regulate “junk fees”, including those related to rental housing
• CFPB advisory opinion on fees charged by large banks and credit unions to respond to information requests
• CFPB supervisory and enforcement activity related to deposits, auto servicing, and remittance transfers
• Administration’s focus on competition and related guidance to federal agencies
• New California “junk fees” law
• CFPB credit card late fees proposal
• Potential future CFPB and FTC rulemaking and other actions
• Steps providers should consider to reduce compliance risks, including the Ballard Spahr Analytical Framework for identifying fees that CFPB won’t like