Warren says CFPB overhaul has cost Americans up to $26.5 billion
2026-07-16 14:05:10
According to CNBC, Sen. Elizabeth Warren said the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost Americans up to $26.5 billion so far. She said most of that amount stems from actions taken under acting director Russell Vought to roll back rules capping credit card and overdraft fees. Warren's report said up to $15 billion in consumer costs came from the CFPB's decision to abandon a rule capping most credit-card late fees at $8, while another $7.5 billion was tied to the repeal of the bureau's overdraft fee rule. The remaining estimate came from the CFPB's decision to drop more than three dozen enforcement actions and settlements, which the report put at roughly $4 billion. The report came as Vought faced a Senate oversight hearing on those actions and an allegation that the agency removed 15 years of consumer data from its website.
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