Report: Trump-era CFPB changes cost Americans $19B

Consumer advocates say the administration's actions have harmed consumers by abandoning major protections and dismissing lawsuits.

Published on Feb. 9, 2026

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A new report from the office of Sen. Elizabeth Warren estimates that changes made to the Consumer Financial Protection Bureau (CFPB) under the Trump administration have cost Americans at least $19 billion in financial relief. The report says the CFPB has largely retreated from enforcement and regulatory work, abandoning consumer protections, stalling investigations, and dismissing lawsuits against financial companies.

Why it matters

The CFPB was created after the 2008 financial crisis to protect consumers from predatory financial practices. The Trump administration and congressional Republicans argued the bureau had grown too large and overreaching, but consumer advocates say the administration's actions have significantly harmed consumers by rolling back key protections and enforcement actions.

The details

Since the Trump administration took control of the CFPB in 2025, the bureau has opened few new investigations, ordered many employees not to work, and dropped several pending enforcement actions. This includes dismissing a $2 billion lawsuit against Capital One and an $870 million lawsuit against the company that runs Zelle. The administration also sought to reduce the CFPB's staff from 1,689 to 207 positions, though that move has been blocked by courts. Additionally, the CFPB has resolved less than 5% of consumer complaints with relief, down from 50% under the Biden administration.

  • The Trump administration assumed control of the CFPB in February 2025 after the bureau's director under President Biden resigned.
  • In April 2025, the White House announced plans to reduce the CFPB's staff from 1,689 to 207 positions.
  • Last year, Congress cut the CFPB's budget by roughly half in the Trump administration's 'One Big Beautiful Bill Act'.

The players

Rohit Chopra

The CFPB's director under President Joe Biden, who resigned in 2025.

Russell Vought

The White House budget director who became acting director of the CFPB after Chopra's resignation.

Elizabeth Warren

The top Democrat on the Senate Banking Committee and a fierce defender of the CFPB, who commissioned the report on the Trump administration's changes.

Chuck Bell

The advocacy program director at Consumer Reports, which put out its own data arriving at similar conclusions as Warren's office.

Mark Paoletta

The CFPB's chief legal officer and effectively its deputy director under Vought, who called the GAO's report 'biased and flawed'.

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What they’re saying

“Trump's attempt to sideline the CFPB has cost families billions of dollars over the last year alone.”

— Elizabeth Warren, Top Democrat on the Senate Banking Committee

“The CFPB may still be standing, but it's essentially on life support.”

— Chuck Bell, Advocacy program director, Consumer Reports

What’s next

The independent Government Accountability Office (GAO) has produced a separate report outlining its attempts to track the Trump administration's reorganization and restructuring of the CFPB, but says it received no cooperation from the White House or the bureau.

The takeaway

The Trump administration's changes to the CFPB have significantly reduced the bureau's enforcement and regulatory activities, costing consumers billions in financial relief and protections. This highlights the ongoing political battles over the role and power of the consumer watchdog agency.