Trump Administration's CFPB Changes Cost Americans $19 Billion, Report Finds
A newly released report concludes that modifications to the Consumer Financial Protection Bureau under the Trump administration have resulted in an estimated $19 billion in costs to American consumers. The figure reflects reduced enforcement actions, rolled-back regulations, and diminished oversight of financial institutions that had previously been subject to CFPB scrutiny.
The CFPB was established in the wake of the 2008 financial crisis to protect consumers from predatory lending, unfair banking practices, and other financial abuses. Critics of the administration's approach argue that weakening the bureau has left consumers more vulnerable to exploitative practices by banks, credit card companies, and other financial service providers.
The report is likely to fuel ongoing political debate about the role of federal consumer protection agencies and the balance between deregulation and consumer safeguards. Supporters of the changes contend that reducing regulatory burden promotes economic growth, while opponents point to the $19 billion figure as evidence that deregulation comes at a steep cost to ordinary Americans.
The CFPB was established in the wake of the 2008 financial crisis to protect consumers from predatory lending, unfair banking practices, and other financial abuses. Critics of the administration's approach argue that weakening the bureau has left consumers more vulnerable to exploitative practices by banks, credit card companies, and other financial service providers.
The report is likely to fuel ongoing political debate about the role of federal consumer protection agencies and the balance between deregulation and consumer safeguards. Supporters of the changes contend that reducing regulatory burden promotes economic growth, while opponents point to the $19 billion figure as evidence that deregulation comes at a steep cost to ordinary Americans.