WASHINGTON, October 11 (EFE).- The US government on Wednesday announced a series of measures aimed at ending unwanted kickbacks in various industries, including hotels, entertainment and banking.
The new regulations, put in place by the Federal Trade Commission (FTC) and Consumer Protection Bureau (CFPB), the Joe Biden administration hopes to save consumers billions of dollars annually in unwanted fees, according to several statements from both agencies.
A new rule published by the Federal Trade Commission, which is entering a public comment period, would penalize companies that are not transparent from the beginning with the full cost of the services they provide.
The letter announcing the measures stressed that companies that do not adhere to the regulations could face fines or be forced to return consumers’ money.
These measures, which the FTC highlighted in a statement, are intended to “ensure that companies and companies are unable to attract customers with low prices that are then inflated with commissions.”
The document stressed that “unwanted commissions (…) hinder competition, harming consumers, workers, small businesses, and entrepreneurs.”
The government, in turn, announced measures specifically aimed at preventing banks and financial institutions from charging their customers unnecessary fees for “basic services” such as checking their account balances or obtaining the information needed to apply for credit.
The CFBP released a legal document this Wednesday detailing how banking entities must operate to comply with the federal law, passed in 2010, that requires them to provide information about their customers’ accounts at no cost.
In the coming weeks, the CFBP will also publish regulations requiring financial companies to allow their customers to “securely” share their banking information with other companies, the statement said.
The letter detailed that the rule “will make it easier for people to change banks or manage accounts from different service providers,” explaining that “this measure will ensure that companies compete on the basis of the quality of services (…) and will discourage the use of undesirable services.” Committees “.
President Biden is expected to provide more details about these new measures toward the end of Wednesday morning in a speech from Washington. Evie
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