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Elizabeth Warren Says Trump's CFPB Overhaul Has Cost Americans $26.5 Billion Ahead of Vought Hearing
Sen. Elizabeth Warren (D-Mass.) on Thursday highlighted a Senate Committee on Banking, Housing, and Urban Affairs Minority Staff report estimating that the Trump administration’s overhaul of the Consumer Financial Protection Bureau (CFPB) has cost Americans up to $26.5 billion.
The report was released ahead of acting CFPB Director Russell Vought’s Senate oversight hearing.
The CFPB is the federal agency established after the 2008 financial crisis to protect consumers from unfair, deceptive and abusive financial practices.
Alongside the report, Warren also sent Vought a letter accusing the CFPB of failing to respond to congressional oversight requests during his tenure, according to the Senate Banking Committee.
Fee Rollbacks
Republicans have defended the administration’s changes, arguing the CFPB had become an overreaching regulator and should return to its core mission. Democrats, led by Warren, contend the overhaul has weakened a key consumer watchdog and exposed Americans to unfair financial practices.
The White House and the CFPB did not immediately respond to Benzinga‘s requests for comment.
Long Dispute
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