The U.S. Senate Committee on Banking, Housing and Urban Affairs minority published a transcript of Ranking Member Elizabeth Warren’s remarks at a Senate Special Committee on Aging hearing on international scams targeting seniors, where she argued that Trump Administration efforts to dismantle the Consumer Financial Protection Bureau (CFPB) are making older Americans less safe from fraud. Warren pointed to the CFPB’s consumer complaint database and a dedicated office focused on protecting older Americans, and said the agency has returned more than USD 21 billion to families since 2011. Government Accountability Office official Andrew Bagdoyan told the hearing that the GAO identified the CFPB as one of three entities best positioned to lead a governmentwide anti-scam strategy, alongside the Federal Bureau of Investigation and the Federal Trade Commission, and said fragmentation across 13 agencies and ad hoc coordination undermines effectiveness. Bagdoyan also said the GAO is launching follow-on work requested by Warren, Senator Kirsten Gillibrand and Senator Maggie Hassan to examine how staffing and organizational restructurings at agencies including the CFPB could affect their ability to implement the GAO’s recommendations, with work expected to start in several weeks and a clearer approach by spring.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-01-14
U.S. Senate Committee on Banking, Housing and Urban Affairs minority highlights Warren warning that CFPB cutbacks weaken senior scam protections
The U.S. Senate Committee on Banking, Housing and Urban Affairs minority released a transcript of Ranking Member Elizabeth Warren’s remarks at a Senate hearing, criticizing the Trump Administration's efforts to dismantle the Consumer Financial Protection Bureau (CFPB) for increasing fraud risks to seniors. The Government Accountability Office identified the CFPB, FBI, and FTC as key entities for a governmentwide anti-scam strategy, noting that fragmentation across 13 agencies hinders effectiveness.