Senator Elizabeth Warren said the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost Americans up to $26.5 billion so far. Most of that figure comes from moves under acting director Russell Vought to roll back rules capping credit card and overdraft fees, according to a report shared first with CNBC. The report attributes up to $15 billion in consumer costs to the CFPB's decision to abandon a rule capping most credit-card late fees at $8, and another $7.5 billion to the repeal of the overdraft fee rule that would have limited many banks to charging $5 for overdrafts. The remainder, roughly $4 billion, stems from the CFPB dropping more than three dozen enforcement actions and settlements that were set to send payments directly to consumers. The findings were released as Vought faced a Senate oversight hearing and as the Senate weighs the nomination of Brian Johnson to lead the agency permanently.
Capital One Financial CorporationArticle discusses CFPB rollback of fee caps, which benefits banks like Capital One by allowing higher fees, but Warren's criticism and potential regulatory reversal could hurt.