The U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff released a report estimating that actions taken by the Trump Administration to curtail the Consumer Financial Protection Bureau (CFPB) have cost American consumers USD 19 billion over the past year. The analysis was published alongside the one-year anniversary of the Administration locking the CFPB’s front doors, issuing stop-work orders, and attempting to dismiss most staff. According to the report, Acting Director Vought directed CFPB staff to stop work and then began reversing CFPB activities, including dismissing rules, undoing more than forty enforcement actions, settlements and consent orders, and deprioritising consumer complaints. The USD 19 billion estimate is broken into four categories: dismissal of at least 22 enforcement actions involving more than USD 3.5 billion in alleged consumer harm; dropped, reduced or undistributed payments from 23 settlements or consent orders costing up to USD 225 million; rescinded CFPB rules and guidance that could have saved up to USD 15 billion in overdraft fees and credit card late fees; and reductions to the Consumer Complaint Program estimated to have cost USD 40 million in direct consumer relief.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-02-09
U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff report estimates USD 19 billion consumer cost from actions to sideline the CFPB
The U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff reported that actions by the Trump Administration to limit the Consumer Financial Protection Bureau (CFPB) have cost American consumers USD 19 billion over the past year. The report highlights the dismissal of enforcement actions, rescinded rules, and reduced consumer complaint programs as key contributors to this financial impact.