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Warren: Trump CFPB overhaul cost Americans $26.5 billion
Warren's report attributes $15 billion to the CFPB's abandoned credit-card late fee cap, $7.5 billion to the repealed overdraft rule, and $4 billion from dropped enforcement actions.
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Sen. Elizabeth Warren (D-Mass.) said Thursday that the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost Americans up to $26.5 billion so far, the latest Democratic critique of sweeping changes made to the agency.
In a report shared first with CNBC, Warren said most of that figure comes from moves the CFPB has taken under acting director Russell Vought to roll back rules capping credit card and overdraft fees.
The report comes as Vought faces a Senate oversight hearing Thursday on those and other actions, including dismissing enforcement actions and consent orders and an allegation that the agency recently removed 15 years of consumer data from the CFPB website.
Since taking office last year, the Trump administration has slashed staffing, dropped or narrowed dozens of enforcement cases, and rolled back Biden-era rules to refocus the agency on what officials call its core mission.
Republicans have defended the moves as necessary to rein in what they view as an overreaching regulator. Democrats led by Warren – who conceived and helped set up the agency after the 2008 financial crisis – have argued that the Trump administration has crippled a key consumer financial watchdog and exposed Americans to unfair or deceptive industry practices.