In today’s landscape, it’s increasingly important to understand how regulatory rollbacks can benefit large corporations at the expense of the general public. The Consumer Financial Protection Bureau (CFPB) initially served as a safeguard against such abuses, offering transparency through its consumer complaint database. This tool not only spurred investigations but also provided journalists with valuable insight into misconduct trends when reporting stories.
During the Trump administration, the mismanagement of enforcement actions led to nearly $19 billion in consumer losses in just one year. This staggering figure is a direct consequence of negligence in safeguarding consumer interests.
For individuals who felt wronged by banks or financial institutions, the lack of effective recourse only amplifies their sense of victimization. Moreover, the dismissal of active enforcement actions acts as an invitation for further exploitation.
By Jake Johnson, staff writer at Common Dreams. Originally published at Common Dreams
A recent report reveals that the Trump administration’s attempts to undermine the Consumer Financial Protection Bureau resulted in a loss of nearly $20 billion for American consumers over the span of a year. This revelation coincides with the anniversary of the administration’s aggressive actions against the CFPB.
The comprehensive report, prepared by Senate Banking Committee Democrats led by Sen. Elizabeth Warren (D-Mass.), draws on CFPB documents, publicly available data, and federal analyses. It estimates that the administration’s widespread dismissal of enforcement actions against corporate misconduct, failure to distribute settlement funds, and assault on the CFPB’s Consumer Complaint Program collectively cost Americans $19 billion over the last year.
It is important to note that this amount “does not even begin to account for the potential losses Americans may have faced due to a weakened CFPB.”
“Donald Trump made promises to reduce costs for Americans ‘On Day One.’ Instead, he is attempting to dismantle an organization that safeguards Americans from being defrauded by large banks and corporations,” Warren stated. “As a result, Trump’s efforts to undermine the CFPB have already cost families billions in the past year alone. We will continue our fight for the CFPB and against the billionaires aiming to dispose of it.”
The report was issued to mark one year since Russell Vought, the White House budget chief and interim CFPB director, directed the bureau to effectively halt its operations, including rulemaking and investigations into corporate misconduct.
Although lawmakers have yet to confirm Vought—a member of Project 2025 who has been vocal about his intention to eliminate the CFPB—as the bureau’s head, he has remained in the role due to legal maneuvers from the Trump administration. Recently, Vought has sought to undermine the CFPB’s funding—an initiative that is currently being challenged in court.
“Our goal is to terminate it,” Vought claimed in an interview late last year, taking pride in mass firings that have left the agency significantly weakened. “We believe we will achieve our goal probably within the next two to three months.”
Another ridiculous price tag that Trump is forcing you to pay.
This is YOUR money.
You deserve a government that works for you, not against you and your financial interests. https://t.co/yd6hpYriXw
— Senator Andy Kim (@SenatorAndyKim) February 9, 2026
Before President Donald Trump’s second term, the CFPB had returned an estimated $21 billion to American consumers affected by fraud from banks and corporations since its inception after the Great Recession.
“As you consider the rising costs shouldered by American families this past year, don’t forget to factor in the cost of fraud, which Donald Trump has drastically increased,” Warren stated at a rally with fellow Democratic lawmakers and advocates in Washington, DC on Monday.
“We are here today to remind Donald Trump and all the Republicans who support him, that despite their efforts to undermine this agency, it will not be defeated,” Warren asserted. “We are committed to this fight, and we will prevail.”
