The U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff released a report ahead of Acting Director Russ Vought’s hearing that estimates the Trump Administration’s actions against the Consumer Financial Protection Bureau have cost consumers up to USD 26.5 billion over 2025 and the first half of 2026. The report presents the latest impact as up to USD 7.5 billion in 2026 so far, on top of an earlier committee estimate of up to USD 19 billion in 2025. The new report attributes the 2026 losses mainly to two reversed CFPB rules. It says rescinding the 2024 credit card late fee rule, which would have capped late fees at USD 8 from roughly USD 32, has cost consumers up to USD 5 billion in 2026 so far. It also says overturning the 2024 overdraft fee rule, which would have limited overdraft charges to USD 5 for many customers, has cost consumers up to USD 2.5 billion in 2026 so far. The earlier 2025 estimate cited USD 15 billion from rescinded rules and nearly USD 4 billion in lost direct relief from dropped enforcement actions and unfulfilled consent orders. Ahead of the hearing, Senator Elizabeth Warren sent Vought a letter seeking answers to questions raised in congressional oversight letters that, she said, the CFPB has not answered under his leadership. Warren and Senator Jack Reed also sent a separate letter warning of harms to service members if the CFPB proceeds with plans to force staff to relocate from regional offices.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-07-16
U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff releases report estimating CFPB rollbacks cost consumers up to USD 26.5 billion
The U.S. Senate Committee on Banking, Housing and Urban Affairs Minority Staff released a report estimating that actions affecting the Consumer Financial Protection Bureau have cost consumers up to USD 26.5 billion since 2025. It says the first half of 2026 accounts for up to USD 7.5 billion, mainly from reversing the credit card late fee rule and the overdraft fee rule. Ahead of Acting Director Russ Vought’s hearing, Senator Elizabeth Warren also pressed the CFPB on unanswered oversight letters and, with Senator Jack Reed, warned about service member harms from planned regional staff relocations.