Over three dozen enforcement actions dropped under acting Director Vought
Sen. Elizabeth Warren, D-Mass., shared the Senate Banking Committee Democratic staff report Thursday as acting CFPB Director Russell Vought prepared to testify before the committee. The report estimates that the Trump administration’s changes at the Consumer Financial Protection Bureau have cost American consumers $26.5 billion.
The report details that $15 billion of the total comes from the rescission of two fee rules — a credit card late fee rule and an overdraft fee rule — instituted in 2024.
The CFPB under Vought has dropped more than three dozen enforcement actions and settlements that would have sent payments to consumers, totaling about $4 billion, the new report says.
Warren sent Vought a letter ahead of the hearing requesting answers to questions from congressional oversight letters that the CFPB has not responded to under his leadership, according to a committee press release. At the hearing Thursday, Vought is expected to face questions about the rescission of the fee protection rules as well as the allegation that the CFPB removed 15 years of consumer data from its website.
The CFPB is among several federal agencies that have experienced steep staff reductions and the elimination of Biden administration rules under President Donald Trump. The Senate is also set to consider Trump’s nomination of former CFPB deputy director Brian Johnson as the agency’s permanent director.