Senate Banking Committee Ranking Member Elizabeth Warren wrote to Consumer Financial Protection Bureau Acting Director Russ Vought pressing the agency to take stronger action to address high credit card costs and “crack down on bad actors,” and setting out five recommended steps the CFPB could take. The letter argues that CFPB actions under Vought have undermined President Trump’s stated goal of capping credit card interest rates at 10% for one year. It cites CFPB data that the average credit card annual percentage rate has reached its highest level since 2015 and claims borrowers are paying interest rates about 8.8 percentage points above what would be needed to cover default losses. Warren’s recommendations call on the CFPB to rein in credit card late fees, stop surprise interest charges, resume TILA and CARD Act compliance, end rewards bait-and-switch tactics, and review “thousands” of unaddressed credit card complaints.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-01-23
U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Warren urges CFPB Acting Director Vought to use CFPB authorities to lower credit card costs
Senate Banking Committee Ranking Member Elizabeth Warren urged the Consumer Financial Protection Bureau (CFPB) to intensify efforts against high credit card costs, criticizing current actions for undermining a proposed interest rate cap. Warren recommended measures including curbing late fees, halting surprise charges, and addressing compliance and consumer complaints.