The U.S. Senate Committee on Banking, Housing and Urban Affairs’ minority published Senator Elizabeth Warren’s opening remarks for a forum on the “Trump-Musk Attack on American Consumers,” focused on the consequences of efforts by President Trump and Elon Musk to eliminate the Consumer Financial Protection Bureau (CFPB). The release also flagged a new minority report on consumer complaints left unresolved amid what Warren described as an unlawful shutdown of the CFPB. Warren argued the CFPB has returned over USD 21 billion to consumers and cited its rulemaking and complaint-handling work, including helping more than 7 million people via its complaint hotline. She said that, following a tweet by Musk stating “CFPB, RIP,” the Trump Administration and “DOGE hackers” halted the agency’s work over the following 72 hours, shut down the CFPB website, and locked staff out of offices, leaving the agency “sidelined.” The minority report was described as finding the CFPB is helping thousands fewer people each week with complaints, while Warren also pointed to ongoing court action by advocates seeking to enforce the statute establishing the CFPB.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-02-25
U.S. Senate Committee on Banking, Housing and Urban Affairs minority convenes forum and releases report on disruption to the Consumer Financial Protection Bureau
Senator Elizabeth Warren criticized President Trump and Elon Musk's efforts to dismantle the Consumer Financial Protection Bureau (CFPB) at a Senate forum, highlighting a minority report on unresolved consumer complaints. Warren noted the CFPB's role in returning over USD 21 billion to consumers and alleged Musk's tweet led to a temporary agency shutdown. The report indicates a decline in the CFPB's complaint-handling capacity, with ongoing legal actions by advocates to uphold the agency's mandate.