Prior to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought’s testimony before the Senate Committee on Banking, Housing, and Urban Affairs, minority staff released a report that broke down the cost of the administration’s attempts to dismantle the bureau over the last year.

According to the report, “By dropping enforcement actions and settlements, rescinding agency rules and consent orders, and gutting the agency’s consumer complaint program, President Trump and Acting CFPB Director Vought left consumers paying more while letting bad actors off the hook. Since then, President Trump and Acting Director Vought have refused to reverse course — and once again, Americans are paying the price. Our findings suggest that the Trump administration’s continued failure to put consumers first at the CFPB has cost Americans up to an additional $7.5 billion in the first six months of 2026.”

Two actions by the CFPB contributing to the increase in consumer costs were the rescinding of the Credit Card Late Fee Rule and the rescinding of the Overdraft Fee Rule.

The report noted that the CFPB took action in 2024 to save Americans up to an estimated $10 billion a year in credit card late fees. In April 2025, the CFPB reversed course and agreed with the credit card lobby in federal court that the rule should be vacated.

“From Jan.1 through June 30 because the Trump administration has not reversed course and reinstated the rule, Americans have lost out on up to an additional $5 billion in savings that they would have received had the agency capped credit card late fees,” the report stated.

The CFPB finalized another rule in 2024 that would limit the overdraft fees that could be charged to many customers to $5 and would have saved Americans up to $5 billion annually, the report noted. This rule was also overturned in 2025.

“Americans lost out on up to $5 billion in savings from the overdraft fee rule in 2025 alone, the report stated. “From Jan. 1 through June 30 … Americans have lost out on an additional $2.5 billion in savings they would have received.”

Including the approximately $19 billion consumers lost in 2025, the CFPB’s deregulatory actions have cost consumers a total of up to $26.5 billion.

Prior to the hearing, Sen. Elizabeth Warren (D-Mass.) sent Vought a letter requesting answers to previously asked questions that were left unanswered.

“I have, as part of my responsibility as the ranking member on the committee, which has primary jurisdiction over the CFPB, requested on multiple occasions information regarding the functions of the agency under your leadership, its ability to protect consumers, and its willingness to hold bad actors accountable. You have failed to meaningfully respond to these requests,” Warren wrote.

Warren’s questions regarded Department of Government Efficiency access to CFPB data; the consumer complaint program; CFPB staffing levels and statutory functions; medical debt; plans to “close down” the CFPB; the CFPB Office of Inspector General Report on Information Security; average prime offer rates; zombie mortgages; student loans; and the deleted website content.