American Consumers Lose $120 Million After Trump Cans CFPB

The Trump administration has halted nearly all activities of the Consumer Financial Protection Bureau (CFPB), a regulatory rollback that benefits financial institutions but leaves consumers vulnerable at a time when they are already strained by inflation, Forbes Daily reported.

22 CFPB enforcement actions have been permanently dismissed. (Photo: G. Edward Johnson, Wikimedia Commons)

At least $120 million in settlements owed to consumers has stayed in companies’ pockets, as 22 CFPB enforcement actions have been permanently dismissed. If the administration continues this course, millions more may never reach consumers.

Meanwhile, Treasury Secretary Scott Bessent said he believes some sectors of the economy are in a recession or at risk of entering one, blaming the Federal Reserve for not cutting interest rates quickly enough.

The Fed lowered rates by a quarter of a percentage point last Wednesday — the second cut in two months — as President Donald Trump has continued calling for more aggressive monetary easing since taking office.