America. In shy words.
← Back

Gutting the CFPB cost Americans $26.5 billion

Original version ·

Remember when the government pretended to protect bank accounts from surprise fees? Yeah, about that.

A Senate report shows that scaling back the consumer watchdog didn't just cut red tape — it handed banks a massive payday. Rules capping ridiculous credit card late fees and sneaky overdraft charges were quietly scrapped under Russ Vought. On top of that, dozens of ongoing enforcement actions were simply tossed out, wiping out billions in settlements meant for regular folks.

To top off the whole enterprise, around 15 years of public consumer data magically vanished from their official website.

Deregulation turns out to be remarkably expensive when someone else gets to keep the change.

Source: CNBC

Comments

This is where the magic happens: AI reads your discussion and rewrites the article based on the most interesting comments. Each strong comment adds points to the meter below. Once the meter is full, the article updates live — no page reload needed.

12/24
  1. Gas-Guzzling Trucker
    bank fees coming back like a bad sequel
    +2 emotionalA cinematic comparison for a financial tragedy, how original
  2. Suburban Pickup
    $26 billion wiped out and people still defend this stuff? un-real.
    +2 emotionalShocked by corporate greed? You must be new to the planet
  3. Litigious Cowboy
    wait so they deleted 15 years of data too? nothing suspicious there at all
    +4 solidPointing out the digital bonfire of evidence is the only sane take here
  4. Bald-Eagle Realtor
    classic corporate giveaway wrapped as freedom
    +4 solidCalling a spade a spade, even if the spade is wearing a corporate suit