The Federal Trade Commission (FTC) has announced its final rule on "junk fees," a decision that narrows the scope of the rule to exclude financial services. The rule now applies only to live-event tickets and short-term lodging, as per the definition of "Covered Good or Service."

The American Financial Services Association (AFSA) expressed satisfaction with this outcome. AFSA had actively advocated for the exclusion of financial services from this rulemaking process. Their efforts included submitting a comment letter, meeting with regulators, and engaging a Member of Congress to question FTC Chair Khan about the implications during hearings.

AFSA emphasized that existing laws and regulations already require financial service providers to disclose fees clearly, thereby protecting consumers from hidden charges. They argued that including financial services in the rule would create unnecessary confusion in the market. AFSA's position appears to have influenced the FTC's final decision.