Elizabeth Warren reports that the Trump administration's overhaul of the Consumer Financial Protection Bureau has cost American consumers up to $26.5 billion.

Elizabeth Warren, a Democratic Senator from Massachusetts, released a report on Thursday stating that the Trump administration's restructuring of the Consumer Financial Protection Bureau (CFPB) has cost Americans up to $26.5 billion. The report, compiled by the Senate Banking Committee, attributes the majority of these costs to the removal of two Biden-era rules that capped credit card late fees and overdraft charges. Specifically, the administration's decision to abandon an $8 cap on late fees accounted for $15 billion in consumer costs, while the repeal of the overdraft fee rule added $7.5 billion. The remaining $4 billion stems from more than three dozen dropped enforcement actions and settlements that would have provided direct payments to consumers. While Democrats argue these changes crippled a vital watchdog, Republicans defend the moves as necessary to reduce overreaching regulation. The report was released as the Senate prepared to hear from acting Director Russell Vought and consider the nomination of Brian Johnson to lead the agency permanently.

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