Trump Administration Criticizes CFPB for Alleged Consumer Losses

The Trump administration has intensified its criticism of the Consumer Financial Protection Bureau (CFPB), claiming the agency has cost American consumers hundreds of billions of dollars due to additional borrowing costs. According to Jin10, a report from the White House Council of Economic Advisers suggests that the regulatory burdens imposed by the CFPB have led to increased prices and reduced product availability, resulting in estimated consumer losses ranging from $237 billion to $369 billion. Acting Director Russell Vought stated that the CFPB has been used to advance a radical agenda, contrary to the claims of its left-wing supporters, by restricting Americans' access to credit and significantly raising living costs. Vought expressed a desire to "shut down" the agency, which was established to protect consumers following the 2008 financial crisis.