Ahead of Vought Hearing, New Banking Committee Report Finds Trump and Vought’s Attack on the CFPB Has Cost Americans Up to $26.5 Billion

Ahead of Vought Hearing, New Banking Committee Report Finds Trump and Vought's Attack on the CFPB Has Cost Americans Up to $26.5 Billion

Warren, Reed send letter to CFPB detailing harms to service members of CFPB plans to force relocation of staff from regional offices

Warren sends Vought letter detailing CFPB's failure to respond to congressional oversight under his leadership

Text of Report (PDF) | Letter on servicemembers (PDF) | Letter on oversight (PDF)

Washington, D.C. - Today, ahead of Acting Director Russ Vought's hearing, the Senate Committee on Banking, Housing, and Urban Affairs Minority Staff released a new report that breaks down the cost of the Trump Administration's attacks on the Consumer Financial Protection Bureau (CFPB) over the last year to Americans consumers, totaling up to $26.5 billion. The CFPB was established to protect consumers from unfair, deceptive, and abusive practices, and since its founding in 2011, it has returned over $21 billion directly to consumers cheated or scammed by big banks and giant corporations.

Today's report follows up on an earlier committee report that found that in 2025 the Trump-Vought attack on the CFPB cost consumers up to $19 billion. That included $15 billion from two major rules the CFPB rescinded and nearly $4 billion dollars in direct relief from dropped enforcement actions and unfulfilled consent orders.

Today's report details how the Trump Administration's efforts to sideline the CFPB and its mission have cost consumers up to $7.5 billion dollars in the first half of 2026 on top of the $19 billion from last year, stemming from the Administration's reversal on two key rules that would have saved consumers billions:

1. Rescinding the Credit Card Late Fee Rule has cost consumers up to $5 billion in 2026 so far. In 2024, the CFPB took action to save Americans up to an estimated $10 billion a year in credit by cutting credit card late fees from roughly $32 dollars to a cap of $8. The Trump Administration reversed course, costing American consumers an estimated $10 billion last year and an additional $5 billion this year so far.
2. Rescinding the Overdraft Fee Rule has cost consumers up to $2.5 billion in 2026 so far. The CFPB finalized a 2024 rule that would limit the overdraft fees that could be charged to many customers to $5 and would have saved Americans up to $5 billion annually. However, Republicans in Congress and the Trump Administration overturned the rule in 2025, and as a result, Americans lost up to $5 billion in savings from the overdraft fee rule in 2025 and $2.5 billion in 2026 so far.

Ahead of today's hearing with Acting Director Vought, Senator Elizabeth Warren (D-Mass), Ranking Member of the Committee, sent Vought a letter requesting answers to questions in the many congressional oversight letters the CFPB has blatantly ignored under his leadership. And Senator Warren and Senator Jack Reed (D-RI) sent Vought a letter detailing the harms to service members if the CFPB's plan to force the relocation of staff from their regional offices were to go into effect.

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