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Furthermore, Warren’s report said the administration, working with Republicans in Congress, rescinded CFPB rules and guidance that could have created consumer savings of up to $15 billion in overdraft fees and credit card late fees.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
Most of her claims say “alleged” We really can’t take most of what she says as reality.
She is an extreme exaggerator.
CFPB has been a joke from inception. While it did help lower some consumer costs like overdraft fees and deposit fees, it as been largely silent on credit card fees and rates that are usury at best and sharky at worst. 20% to 30% rates would make Guido proud. Additionally, though the Bureau proclaims it made banks safer, banks and Wall Street are substantially still able to do what they did in 2008 that nearly brought the house down. As long as Wall Street controls both legislators and banks the CFPB cannot help even when pretending they can. Their attempts to make credit reporting more fair are a joke as they ignore the core failure of scoring. The upper crust don’t lose their jobs. They own the companies. The top 5% don’t have to worry about health induced bankruptcy or disability. Others do their work for them. Death in the family means transfer of wealth to other family embers, not total loss of income stream. They will always be able to pay their bills and have high credit scores. Fix the above and we could agree that the CFPB is worthy. Till then spare us the lectures.
The Over-Regulation of the CFPB has cost small and large businesses billions of wasted dollars and it is passed on to consumers! Stop this whacko!
I’m surprised she didn’t say gazillions of dollars! As much as I despise the Democrat party, I recognize, as in 1865, we need to destroy it and rebuild it into something useful again…the leadership is all so corrupt and dare I say, evil. I like to help friends understand by asking, “What will you do when a loved one is killed by an illegal Democrat?” American politics right now is 100% the Democrats flooding the country with unfiltered illegals to help steal elections.
She is obviously “Heap Big” angry, but she is always pretending to be angry.
Warren has misrepresented herself her entire life with false claims of Native American heritage to sneak ahead of others. Has it ever ONCE occurred to her to Give The Money Back? Perhaps someone who actually deserves it will be able to get ahead in life.
Such low character. I don’t believe a word out of her mouth. She speaks with forked tongue
I am grateful for Senator Elizabeth Warren and her advocacy for consumer protection. I am grateful that there is a government entity, the CFPB.gov website, that provides useful independent information to consumers about their mortgage rights and other consumer protections. I am grateful that we have requirements now that disallow 11th-hour sticker-shock surprise changes to the terms and conditions of a home loan. Before the great recession, homebuyers may or may not have had the good fortune of working with lenders who kept them informed about rate changes, etc. Now, thanks to Senator Warren’s efforts, there is a requirement that lenders provide homebuyers with LEs and CDs (LOAN ESTIMATES and CLOSING DISCLOSURES in a timely fashion. No more sticker shock.
The CFPB is not perfect, but what is? I am certainly happy that there is someone bold enough to take on powerful interests to call out inequities and to bring fairness to a sometimes-inequitable playing field.
Well, I am glad that you are so glad about the organization that no longer exists!!!