October 26, 2022
Washington, D.C. — Fight Corporate Monopolies issued the following statement applauding today’s announcement on new guidance by the Biden administration and the Consumer Financial Protection Bureau (CFPB) to take further action on ending junk fees across industries. In his remarks today, President Biden and CFPB Director Rohit Chopra highlighted the relief this would provide to working Americans, saving consumers billions of dollars each year.
“Today the Biden administration showed exactly what it means to have a government that works on behalf of working class Americans, instead of favoring big corporations and their profits,” Helen Brosnan, Executive Director of Fight Corporate Monopolies said. “Ending surprise junk fees across industries will reduce costs on families brought on by a system that preys especially on those who are financially struggling. Millions of Americans are living paycheck to paycheck, and these hidden fees add up. Especially in the weeks leading up to an election where voters’ economic pain is front and center, it’s encouraging to see government officials fighting like hell for consumers, hammering illegal and fraudulent practices by the same corporations jacking up our prices, and promoting competition to bring us closer to creating an economy that centers the needs of working people. We encourage other political leaders to champion these efforts.”
Earlier this year, the CFPB launched an initiative to crack down on credit card companies charging working people with overdraft charges and other shoddy fees. According to CFPB’s research, major credit card companies charged over $14 billion each year in punitive late fees. Lowering overdraft fees will save families — primarily low-income and middle-class — $3 billion a year.
Fight Corporate Monopolies recently released messaging guidance on junk fees, launched a campaign calling on the Department of Justice to break up Ticketmaster and put an end to their outrageous fees, and an effort to hold the airline industry accountable for ripping off passengers.