In response to a White House announcement of new rules targeting “junk fees” in both financial services products and retail consumer sales, National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol released the following statement:
If a company can’t succeed by telling customers the truth about what their services cost, it isn’t a healthy business. Today’s move to force banks, hospitality industry firms, landlords and others to put the real price on the sticker will deliver a more honest and more sustainable overall economy. The broader Biden-Harris administration effort to combat junk fees and other deceptive pricing practices is obviously good for consumers, but honest brokers in private industry should be cheering too: An economy with less lying is a more resilient and consistent one, where all actors can move with greater confidence and all legitimate businesses can pursue clearer long-term development strategies.
