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: 

“Donald Trump is helping financial predators skirt the law — forcing working families to foot a more than $18 billion bill. The CFPB protects Americans from scammers and puts money back in Americans’ pockets, but now the Trump administration is crippling America’s 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 — all while protecting ultra-wealthy interests and his billionaire friends.”

NEW REPORT: Donald Trump’s reckless kneecapping of the CFPB has cost Americans more than $18 billion in higher fees and lost compensation. 

Reuters: “President Donald Trump’s rapid pullback of the U.S. Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released Tuesday by two organizations.

“The increased consumer costs from the CFPB’s 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’s campaign pledges to ease the cost of living, according to the Student Borrower Protection Center and the Consumer Federation of America.”

REMINDER: Trump gutted the CFPB’s staff after rolling back protections against financial predators.

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

“The 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, according to a memo sent to staff Wednesday from Mark Paoletta, the agency’s chief legal officer. … 

“The memo said all past CFPB enforcement and supervision priorities had been rescinded.”

The CFPB has helped protect consumer interests for 14 years, putting $19.7 billion back in millions of Americans’ pockets. 

Consumer Financial Protection Bureau: “As of January 30, 2025, CFPB enforcement actions have resulted in:

“$19.7 billion in consumer relief … 195 million people eligible for relief … [and] $5 billion in civil money penalties” 

Politico: “Wells Fargo Slammed With $3.7B Penalty, In Record CFPB Settlement”

Washington Post: “Bank 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.” 

Consumer Financial Protection Bureau: “[T]he Consumer Financial Protection Bureau (CFPB) [ordered] Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees.”

Consumer Financial Protection Bureau: “CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme”

Military Times: “Troops will get part of a $5M settlement in alleged title loan scam”

Consumer Financial Protection Bureau: “CFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures” 

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