Warren: Trump CFPB policies have cost consumers $26.5 billion

The bulk of the financial impact stems from reversing limits on credit card and overdraft fees. Warren’s report attributes $15 billion in losses to the abandonment of an $8 credit-card late fee cap, a regulation previously projected to save consumers roughly $10 billion annually. Another $7.5 billion is linked to the repeal of rules that would have capped bank overdraft charges at $5. The remaining $4 billion loss is tied to the agency’s decision to drop over three dozen enforcement actions and settlements that were originally slated to return funds directly to consumers.

Acting director Russell Vought faces intense scrutiny regarding these changes, alongside allegations that the agency scrubbed 15 years of consumer data from its website. While Republicans maintain these measures are necessary to curb regulatory overreach, Democrats argue the administration has effectively dismantled a primary watchdog. The debate intensifies as the Senate considers the nomination of Brian Johnson, a former CFPB official and Capital One executive, to lead the bureau permanently. The White House and the CFPB have yet to provide comment on the report or the specific oversight requests cited by Warren.