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FILE PHOTO: Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

CFPB has obtained $20 billion in financial relief for Americans since its founding

Washington D.C. – At the direction of Elon Musk, the Trump administration has shut down the Consumer Financial Protection Bureau (CFPB), a lifeline for Americans who have been scammed by big banks and other bad actors for more than a decade – obtaining close to $20 billion in relief for consumers in the short time since its founding. Under the former CFPB Director Rohit Chopra, whom Trump has already fired, the CFPB took critical actions to help American consumers and lower costs:

  • New rules to block unfair junk fees and save American families $5 billion annually
  • Secured billions in relief for people in restitution and cancelled debts
  • Slashed credit card late fees to save users $10 billion annually. 

A CFPB shutdown isn’t an abstract blow – it’s a direct gut punch to American consumers, and a long-awaited gift to big banks that have been lobbying against the CFPB since before it was established by the landmark law to protect consumers in the wake of the 2007–08 Great Recession. It pauses ongoing investigations into cases of fraud and predatory practices by banks that rip off American consumers. 

“Attacking the CFPB is the latest reminder that Trump’s Washington will always put the interests of big banks, corporations, and his billionaire donors ahead of the American people,” said Accountable.US Executive Director Tony Carrk. “In its more than a decade as an agency, the CFPB has put billions of dollars back into the pockets of American families and held big banks accountable for predatory practices that scam consumers and raise their costs. Gutting the agency all but confirms that Trump and Musk are reimagining the government to service themselves at the expense of Americans — who will without a doubt see their costs rise as a result of these efforts.”

This is the latest action from Trump at odds with his promises to lower costs and protect American consumers: 

  • The Trump tax scam that would leave the typical American family paying as much as $3,900 more in taxes annually. 
  • On day one, Trump rescinded executive action that was specifically designed to lower prescription drug costs — a request PhRMA has spent millions lobbying Washington on since the passage of the IRA. 

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