Quartz: “Sen. Elizabeth Warren on Thursday put a price tag on the Trump administration’s dismantling of the Consumer Financial Protection Bureau — $26.5 billion — releasing a report that traces most of that sum to the elimination of two Biden-era rules limiting bank fees. The report, [Title: The Higher Price of Gutting the CFPB Subtitle: Americans foot the bill for the Trump-Vought Attack on the Consumer Financial Protection Bureau] produced by the minority staff of the Senate Banking Committee, was shared first with CNBC and released the same day that acting CFPB Director Russell Vought appeared before the Senate Banking Committee for an oversight hearing on the agency’s actions. The report pins up to $15 billion of that total on the CFPB’s move to abandon an $8 cap on most credit card late fees — a regulation the bureau had projected would deliver about $10 billion in annual savings to consumers. In April 2025, the agency agreed with the credit card industry in federal court that the rule should be vacated, according to the report. The minority staff calculated that Americans lost up to $10 billion in potential savings in 2025, and an additional $5 billion in the first six months of 2026…”

Since its founding in 2011, the CFPB has worked to protect consumers from unfair, deceptive, and abusive practices. By providing a fair and safe financial marketplace, it has returned over $21 billion to people scammed by Wall Street’s deceptive practices. Instead of empowering consumers, President Trump and Acting Director Vought have undermined the agency and cost Americans hard-earned money. The unlawful dismantling of the CFPB must end so that American families can have the protections they deserve.”