FTC Hops on the Fee Bandwagon
Yesterday, the Federal Trade Commission (FTC) released an advance notice of proposed rulemaking (ANPR) “to address certain deceptive or unfair acts or practices relating to fees.” The full ANPR can be found here. AFSA is particularly concerned about the Commission’s identification of “junk fees” in auto finance and credit insurance, especially when these practices are highly regulated and well disclosed.
The FTC rulemaking comes after comments from both President Joe Biden in September and a Consumer Financial Protection Bureau (CFPB) initiative on fees. AFSA touched on these announcements in a recent blog post.
AFSA intends to comment on this ANPR. Please email Celia Winslow at cwinslow@afsamail.org if you are interested in helping to draft AFSA’s comments.
October 21st, 2022
