{"id":1053688,"date":"2025-06-25T14:42:07","date_gmt":"2025-06-25T18:42:07","guid":{"rendered":"https:\/\/democrats.org\/?p=1053688"},"modified":"2025-06-25T14:42:08","modified_gmt":"2025-06-25T18:42:08","slug":"%f0%9f%9a%a8new-report-trumps-kneecapping-of-the-cfpb-has-already-cost-the-american-people-18-billion","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/%f0%9f%9a%a8new-report-trumps-kneecapping-of-the-cfpb-has-already-cost-the-american-people-18-billion\/","title":{"rendered":"\ud83d\udea8NEW REPORT: Trump\u2019s Kneecapping of the CFPB Has Already Cost the American People $18 Billion"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to new analysis that Donald Trump has cost Americans a whopping $18 billion after gutting the Consumer Financial Protection Bureau (CFPB), <\/em>DNC Chair Ken Martin released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump is helping financial predators skirt the law \u2014 forcing working families to foot a more than $18 billion bill. The CFPB protects Americans from scammers and puts money back in Americans\u2019 pockets, but now the Trump administration is crippling America\u2019s watchdog and empowering big corporations to scam and cheat. After lying to the American people about lowering costs on Day One, Trump is burying working families in higher fees and even trying to rip away their health care and gut food assistance \u2014 all while protecting ultra-wealthy interests and his billionaire friends.\u201d<\/p>\n\n\n\n

NEW REPORT: Donald Trump\u2019s reckless kneecapping of the CFPB has cost Americans more than $18 billion in higher fees and lost compensation. <\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cPresident Donald Trump\u2019s rapid pullback of the U.S. Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher fees and lost compensation<\/strong> for consumers allegedly cheated by major companies, according to an analysis released Tuesday by two organizations.<\/p>\n\n\n\n

\u201cThe increased consumer costs from the CFPB\u2019s rollback of regulations on bank fees, wholesale dismissal of cases against banks and other lenders and the apparent failure to disburse funds intended for harmed borrowers run counter to Trump\u2019s campaign pledges <\/strong>to ease the cost of living, according to the Student Borrower Protection Center and the Consumer Federation of America.\u201d<\/p>\n\n\n\n

REMINDER: Trump gutted the CFPB\u2019s staff after rolling back protections against financial predators.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe Consumer Financial Protection Bureau on Thursday moved to fire more than 1,000 of its remaining employees,<\/strong> according to two people familiar with the matter, defying a court order barring the Trump administration from terminating employees<\/strong> at the watchdog agency except for cause related to their individual performance. \u2026 <\/p>\n\n\n\n

\u201cThe layoffs were announced less than a day after the agency said it would slash its inspections of financial services companies in half and turn away from oversight of student loan, medical debt and digital payment issues, <\/strong>according to a memo sent to staff Wednesday from Mark Paoletta, the agency\u2019s chief legal officer. \u2026 <\/p>\n\n\n\n

\u201cThe memo said all past CFPB enforcement and supervision priorities had been rescinded.\u201d<\/strong><\/p>\n\n\n\n

The CFPB has helped protect consumer interests for 14 years, putting <\/strong>$19.7 billion<\/strong><\/a> back in millions of Americans\u2019 pockets. <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cAs of January 30, 2025, CFPB enforcement actions have resulted in:<\/strong><\/p>\n\n\n\n

\u201c$19.7 billion in consumer relief <\/strong>\u2026 195 million people eligible for relief \u2026 [and] $5 billion in civil money penalties\u201d <\/p>\n\n\n\n

Politico<\/a>: \u201cWells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cBank of America agreed Wednesday to pay nearly $800 million in penalties for deceiving millions of customers into buying costly and unneeded services when they signed up for credit cards.\u201d <\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201c[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay<\/strong> $50 million into the CFPB\u2019s victims relief fund<\/strong> and to refund<\/strong> at least $141 million to customers harmed by its illegal surprise overdraft fees.<\/strong>\u201d<\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme\u201d<\/strong><\/p>\n\n\n\n

Military Times<\/a>: \u201cTroops will get part of a $5M settlement in alleged title loan scam\u201d<\/strong><\/p>\n\n\n\n

Consumer Financial Protection Bureau<\/a>: \u201cCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures\u201d <\/strong><\/p>\n\n\n\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to new analysis that Donald Trump has cost Americans a whopping $18 billion after gutting the Consumer Financial Protection Bureau (CFPB), DNC Chair Ken Martin released the following statement:  \u201cDonald Trump is helping financial predators skirt the law \u2014 forcing working families to foot a more than $18 billion bill. The CFPB protects […]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1053688","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\n\ud83d\udea8NEW REPORT: Trump\u2019s Kneecapping of the CFPB Has Already Cost the American People $18 Billion - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/\ud83d\udea8new-report-trumps-kneecapping-of-the-cfpb-has-already-cost-the-american-people-18-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-25T18:42:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-25T18:42:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8new-report-trumps-kneecapping-of-the-cfpb-has-already-cost-the-american-people-18-billion\/\",\"url\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8new-report-trumps-kneecapping-of-the-cfpb-has-already-cost-the-american-people-18-billion\/\",\"name\":\"\ud83d\udea8NEW REPORT: Trump\u2019s Kneecapping of the CFPB Has Already Cost the American People $18 Billion - 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