Press Releases
NEW: Interests Fined, Investigated, Or Critical Of CFPB Donated $8 Million to Trump Inaugural Fund
WASHINGTON, DC — Today, a new Accountable.US review of donor disclosure data filed on April 20 revealed that the Trump Vance Inaugural Committee accepted $8 million in donations from interests fined, investigated, or critical of the now-dismantled Consumer Financial Protection Bureau (CFPB). Since the transition, the Trump administration has undercut the CFPB at every turn—firing employees critical to ensuring consumer protection, scaling back oversight of Big Tech and payment apps, opening the door for Congress to block key CFPB rules that lower junk fees, and dismissing lawsuits brought by the Biden-era CFPB against major financial abusers.
From day one, Donald Trump has built an administration that caters to big banks, tech, and Wall Street giants. The CFPB has put billions of dollars back into the pockets of American families and shielded millions from the seediest scams. Gutting the agency after its foes paid millions of dollars all but confirms that Trump is reimagining the government to serve themselves at the expense of Americans.”
Accountable.US Executive Director Tony Carrk.
Historically, the CFPB has protected consumers’ financial data and money, often coming toe-to-toe with major industry players in:
BIG TECH: Meta, Google, and Apple CEO Tim Cook each donated $1 million to the Trump-Vance Inaugural Committee. An enforcement freeze by Trump’s CFPB effectively halted its investigations into big tech companies.
- META: In late October 2024, the Biden-CFPB notified Meta, the owner of Facebook, that it was under investigation by the agency on whether or not it improperly used financial data obtained by third parties.
- APPLE: In October 2024, the Biden-CFPB ordered Apple to pay a $25 million civil money penalty after allegedly “fail[ing] to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs.”
- In November 2024, the Biden-CFPB issued a finalized rule that expanded its oversight authority to include payment services, including Apple Pay.
- GOOGLE: Google sued the Biden-CFPB after the consumer watchdog placed Google’s payments division under federal supervision. The CFPB’s order alleged that Google failed to properly investigate when money transfer errors occurred.
- PAYPAL: In November 2024, the Biden-CFPB issued a finalized rule that expanded its oversight authority to include payment services, including PayPal.
WALL STREET: Bank of America, Citibank, JPMorgan, Capital One, and Goldman Sachs all donated to the Inaugural Fund, with the latter three all donating a million dollars each. Since January, the Trump administration has dropped various CFPB lawsuits against Bank of America, Capital One, and JPMorgan.
Additionally, Ian MacKechnie—who serves on the executive committee of INFiN—contributed $1 million to President Trump’s inaugural fund. INFiN praised the Trump-CFPB in March 2025 for its decision not to enforce the CFPB’s payday rule, preventing lenders from repeatedly attempting to withdraw from a borrower’s account without authorization.
BIG BUSINESS: Walmart and the U.S. Chamber of Commerce donated $150,000 and $50,000 to President Trump’s inaugural fund, respectively.
- WALMART: In late December 2024, the Biden-CFPB sued Walmart and Branch Messenger, alleging the companies forced delivery drivers to use costly deposit accounts to receive payment and even deceived workers in its Spark Driver program by illegally opening accounts without drivers’ consent, essentially forcing many to pay “junk fees.”
- THE U.S. CHAMBER OF COMMERCE: The Chamber has been a frequent critic of the CFPB. On April 15, 2025, the U.S. Chamber of Commerce celebrated a court’s decision to vacate the Biden-CFPB’s rule capping credit card late fees at $8, touting its March 7, 2024, lawsuit filed in the Northern District of Texas. The Biden-CFPB projected the rule would have saved consumers roughly $10 billion a year.
