A Senate Banking Committee report said Thursday that the Trump administration’s overhaul of the Consumer Financial Protection Bureau has cost consumers $26.5 billion. File Photo by Mike Theiler/UPI | License Photo
July 16 (UPI) -- A report from the Senate Banking Committee said Thursday that the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost consumers $26.5 billion.
Sen. Elizabeth Warren, D-Mass., shared the report from the Banking Committee ahead of Director of the Office of Management and Budget Russ Vought's hearing before the committee Thursday. It cited the rescission of the credit card late fee rule and overdraft fee rule that were instituted in 2024.
Earlier in the year the committee reported that the Trump administration's changes to the CFPB cost consumers $19 billion in 2025, including $15 billion from the rescission of the two fee rules and $4 billion from dropped enforcement actions.
"Ahead of today's hearing with Acting Director Vought, Senator Elizabeth Warren [D-Mass.], Ranking Member of the Committee, sent Vought a letter requesting answers to questions in many congressional oversight letters the CFPB has blatantly ignored under his leadership," a press release from the committee reads.
