U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Elizabeth Warren and committee member Andy Kim issued a joint statement on a Government Accountability Office report they requested into the Trump administration’s actions against the Consumer Financial Protection Bureau. The senators said the report detailed widespread operational disruption and estimated that the administration’s actions had cost consumers at least USD 26 billion over the past year and a half. According to the statement, hundreds of contracts were canceled, a backlog of 16,000 consumer complaints developed and 80 enforcement actions against companies accused of harming consumers were halted. Warren and Kim said the effort to eliminate the agency had failed.
2026-08-27U.S. Senate Committee on Banking, Housing and Urban Affairs
U.S. Senate Committee on Banking, Housing and Urban Affairs members cite GAO findings on CFPB cutbacks and USD 26 billion in consumer costs
Senate Banking Committee members Elizabeth Warren and Andy Kim cited a GAO report detailing operational disruption at the Consumer Financial Protection Bureau. They said hundreds of contracts were canceled, 16,000 consumer complaints accumulated and 80 enforcement actions were halted, costing consumers at least USD 26 billion over the past year and a half.