Sen. Elizabeth Warren (D-MA), the Ranking Member of the Senate Banking Committee, has released a report claiming the Trump administration’s efforts to shut down the Consumer Financial Protection Bureau (CFPB) has cost the nation $19 billion over the past year.
The report, titled “The Price of Gutting the CFPB” and compiled by the Banking Committee Minority Staff, said the Trump administration permanently dismissed at least 22 enforcement actions to redress more than $3.5 billion in alleged harm to consumers. Warren’s report also accuses the White House of junking, reducing, or failing to distribute payments from 23 settlements or consent orders against companies, resulting in $225 million withheld from consumers.
Furthermore, Warren’s report said the administration, working with Republicans in Congress, rescinded CFPB rules and guidance that could have created consumer savings of up to $15 billion in overdraft fees and credit card late fees. The administration’s slashing of the CFPB’s Consumer Complaint Program likely cost $40 million in direct consumer relief, the report added.
“Donald Trump promised to lower costs for Americans ‘On Day One.’ Instead, he is trying to shut down an agency that protects Americans from getting scammed out of their money by big banks and giant corporations,” said Warren. “As a result, Trump’s attempt to sideline the CFPB has cost families billions of dollars over the last year alone. We’re going to keep fighting for the CFPB and against the billionaires who want to get rid of it.”
Photo courtesy of Sen. Warren’s Facebook page
