""Donald Trump promised to lower costs for Americans 'On Day One.' Instead, he is trying to shut down an agency that protects Americans from getting scammed out of their money by big banks and giant corporations," Warren said in a statement. "As a result, Trump's attempt to sideline the CFPB has cost families billions of dollars over the last year alone. We're going to keep fighting for the CFPB and against the billionaires who want to get rid of it.""
""does not even begin to cover costs Americans could have been scammed out of due to a sidelined CFPB.""
The Consumer Financial Protection Bureau had returned about $21 billion to U.S. consumers since its creation. An estimate attributes nearly $19 billion in consumer losses over the past year to actions that sidelined the CFPB, including mass dismissal of enforcement actions, failure to distribute settlement payments, rescission of CFPB rules and guidance, and attacks on the Consumer Complaint Program. The calculated losses do not include additional amounts Americans could have been scammed out of while the bureau was less able to intervene. The estimate frames the costs as direct consequences of policy and enforcement changes.
Read at Truthout
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