Trump's CFPB overhaul cost Americans $26.5 billion, Sen. Warren says

Key Points:

• Sen. Elizabeth Warren reported that changes made by the Trump administration to the Consumer Financial Protection Bureau (CFPB) have cost Americans up to $26.5 billion, primarily due to rolling back rules on credit card and overdraft fees.
• The report highlights that abandoning a rule capping credit card late fees at $8 has potentially cost consumers $15 billion, while repealing an overdraft fee limit rule added another $7.5 billion in costs.
• Additional costs, estimated at $4 billion, stem from the CFPB dropping over three dozen enforcement actions and settlements that would have provided direct payments to consumers.
• Acting CFPB Director Russell Vought is facing a Senate oversight hearing amid criticism over these rollbacks, staffing cuts, dismissed enforcement cases, and allegations of removing 15 years of consumer data from the agency’s website.
• The Senate is also considering the nomination of Brian Johnson, a former CFPB deputy director and Capital One executive, to permanently lead the agency amidst ongoing partisan disputes over its regulatory approach.