Senator Elizabeth Warren, a key figure in establishing the CFPB after the 2008 financial crisis, has released a report indicating that the Trump administration's modifications to the agency have cost consumers significantly.
The report attributes approximately $15 billion of this figure to the abandonment of a rule that capped credit card late fees at $8, which was projected to save consumers around $10 billion annually.
Additionally, it cites $7.5 billion in costs from repealing a rule that limited overdraft fees to $5, along with about $4 billion from dropping over three dozen enforcement actions that would have provided direct payments to consumers.
These changes, led by acting director Russell Vought, have been defended by Republicans as necessary to reduce regulatory overreach, while Democrats argue they undermine consumer protections. This report comes as Vought is set to face a Senate oversight hearing, amidst ongoing discussions regarding the nomination of Brian Johnson to lead the CFPB permanently