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Benzinga
Benzinga
Business
Shomik Sen Bhattacharjee

Trump's Move To Gut Financial Protection Agency Could Cost Consumers $15 Billion A Year, Say Advocacy Groups

Donald Trump

President Donald Trump's bid to dismantle the Consumer Financial Protection Bureau has shifted at least $18 billion in costs onto consumers through higher bank fees and canceled restitution, two advocacy groups said Tuesday.

What Happened: The Student Borrower Protection Center and the Consumer Federation of America calculated the hit by tallying policies the administration halted since Treasury Secretary Scott Bessent froze most CFPB activity in February.

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