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WASHINGTON, DC — New report outlines devastating impact of Trump’s shutdown of an agency that has put $20 billion back in the pockets of Americans

Damning new reporting from USA Today outlines some of the consequences of Trump and Musk’s attacks on the Consumer Financial Protection Bureau (CFPB), including key rules that protect consumers and put money back into the pockets of everyday Americans. Key rules on the line include: 

  • Protecting consumers against excessive and deceiving overdraft fees that cost Americans billions each year
  • Capping most credit card late fees at $8 down from $30
  • Banning the inclusion of medical debt on credit reports, “so medical debt won’t count against consumers who try to take out a loan.” 

Per USA Today:

“Most CFPB initiatives have obvious consumer appeal: Credit card customers would probably welcome lower late payment fees. But the financial industry has sued to block many of the rules, saying they might actually do more harm than good. A cap on overdraft fees, for example, could prompt a bank to stop protecting customers against overdrafts.”  

Trump has nominated Jonathan McKernan as CFPB Director, who big banks expect to – in their own words – “undo many of the most recent actions by the Chopra CFPB.” 

 

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