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elizabeth warren
'This Is Your Money': Trump Assault on CFPB Has Cost Consumers $19 Billion
"When you're counting the way that costs have gone up for American families over the last year, be sure to include the cost of getting cheated," said Sen. Elizabeth Warren.
Feb 10, 2026
The Trump administration's ongoing effort to dismantle the Consumer Financial Protection Bureau cost Americans nearly $20 billion in just a year, according to a report released Monday as Democratic lawmakers and campaigners marked the anniversary of the White House's hostile takeover and gutting of the CFPB.
The new report was assembled by Democrats on the Senate Banking Committee led by Sen. Elizabeth Warren (D-Mass.), an architect and champion of the CFPB. Citing bureau documents, publicly available data, and federal analyses, the report estimates that the Trump administration's mass dismissal of enforcement actions against abusive corporations, failure to distribute settlement payments, rescission of CFPB rules and guidance, and attack on the bureau's Consumer Complaint Program have collectively cost US consumers $19 billion over the past year.
That figure, the report emphasizes, "does not even begin to cover costs Americans could have been scammed out of due to a sidelined CFPB."
“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.”
The report was released to mark one year since Russell Vought, the White House budget chief and acting CFPB director, ordered the bureau to effectively shut down its operations, including rulemaking and investigations into corporate wrongdoing.
Lawmakers have not confirmed Vought—a Project 2025 architect who has been explicit about his desire to kill the CFPB—as bureau chief, but he has remained in the acting director role thanks to White House legal maneuvers. In recent months, Vought has tried to starve the CFPB of funding—an effort that, for now, has been stymied in court.
"We want to put it out," Vought said in an interview late last year, boasting about mass firings that have left the consumer agency skeletal. "We will be successful probably within the next two or three months."
Another ridiculous price tag that Trump is forcing you to pay.
This is YOUR money.
You deserve a government that works for you, not against you and your financial interests. https://t.co/yd6hpYriXw
— Senator Andy Kim (@SenatorAndyKim) February 9, 2026
Prior to the start of President Donald Trump's second White House term, the CFPB had returned around $21 billion to US consumers scammed by banks and other corporations since the bureau's creation in the wake of the Great Recession.
"When you're counting the way that costs have gone up for American families over the last year, be sure to include the cost of getting cheated, because Donald Trump has driven that cost through the roof," Warren said during a rally with fellow Democratic lawmakers and advocates in Washington, DC on Monday.
"We are here today to remind Donald Trump and to remind all those Republicans who support him and enable him, to remind every one of them that they can kick this agency, they can try to hold this agency down, they can try to starve this agency, they can try to tie up the people who work at this agency, but at the end of the day, they will not kill this agency," said Warren. "We will stay in this fight, and we will win."
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Warren Leads Charge to Undo $500 Billion Secret Deal Between UAE 'Spy Sheikh' and Trump's Crypto Company
"We cannot allow American national security simply to be sold to the highest bidder."
Feb 06, 2026
The unprecedented money that President Donald Trump is raking in from foreign investors during his second term has prompted Sen. Elizabeth Warren to take the lead in pushing back.
Speaking on the US Senate floor on Thursday, Warren (D-Mass.) called on her fellow senators to support a resolution in favor of condemning and reversing an agreement struck by the Trump administration to sell advanced artificial intelligence technology to the United Arab Emirates.
The resolution was also backed by Sens. Chris Van Hollen (D-Md.), Andy Kim (D-NJ), and Elissa Slotkin (D-Mich.).
Warren's call came days after the Wall Street Journal revealed that a member of the Abu Dhabi royal family secretly backed a massive $500 million investment into the Trump family’s cryptocurrency venture just months before the deal for the advanced AI chips was announced.
During her speech, Warren scoffed at the notion that Trump was unaware that lieutenants of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan signed a deal in early 2025 to buy a 49% stake in World Liberty Financial, the startup founded by members of the Trump family and the family of Trump Middle East envoy Steve Witkoff.
"President Trump’s own son signed the deal for half a billion dollars," remarked Warren. "An initial payment of $187 million dollars was reportedly directed to flow to Trump family companies. Another initial payment of $31 million dollars was reportedly directed to flow into entities connected to the family of Steve Witkoff, Trump’s golf buddy who had been named the US Special Envoy to the Middle East."
In addition to citing national security concerns about selling sensitive AI technology to the UAE, Warren said that Congress should step in to reverse the deal simply to stop Trump from using the presidency to enrich his personal finances.
"Here we are, one year into Donald Trump’s second term, and Trump has amassed more than $1.5 billion from his crypto ventures like World Liberty Financial," she noted. "Trump is profiting off the Presidency while American families are worrying about their jobs, the rising cost of groceries, and how they're going to pay their bills."
Warren ended her speech by demanding that her fellow lawmakers in Congress act.
"Trump is profiting from decisions that make it easier for countries like China to get their hands on some of our most sensitive and advanced technologies," she said. "Congress needs to grow a spine. We cannot allow American national security simply to be sold to the highest bidder. The Senate must pass this resolution to condemn this corruption and call on Donald Trump to reverse his decision to allow the export of advanced AI chips to the UAE."
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Senators Demand Answers on Equifax Plan to 'Profiteer' Off GOP Medicaid Work Requirements
"Corporate consultants and vendors are getting to make a killing off of Medicaid work requirements' administration machinery while our patients will lose healthcare and suffer," said one advocate.
Feb 05, 2026
Three of the US Senate's top critics of corporate greed and anticompetitive behavior are investigating a scheme by credit report firm Equifax that they say will allow the company to profit from Republican policies that are set to rip away healthcare coverage and food assistance from millions of Americans.
Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), and Bernie Sanders (I-Vt.) wrote to Equifax CEO Mark Begor on Tuesday with several questions about the company's anticipated profits from provisions in the One Big Beautiful Bill Act (OBBBA) that imposed work requirements on recipients of Medicaid and Supplemental Nutrition Assistance Program (SNAP) benefits.
Begor told investors last summer that the policy presented a "massive" business opportunity for Equifax, as a product owned by the company called the Work Number is used by many states to instantly verify the wages and work hours of Medicaid applicants.
At least 99 million workers across the country are covered by Equifax's database, which the company has filled with data through exclusive contracts with employers and payroll firms. Equifax has frequently imposed steep price hikes on the product and has been accused of having a monopoly on providing income data to state agencies.
North Carolina's Medicaid program was hit with a 24% price increase in 2022 and a 36% hike in 2024.
"We have very little leverage and recourse to back out," state Medicaid director Jay Ludlam told the New York Times in November.
Luke Farrell, a former employee of the US Digital Service under the Biden administration, told the Times that Equifax owns "a product that has become a core piece of the safety net. I’ve never seen another vendor do such price hikes across public benefits.”
With the new work requirements set to go into effect in January 2027, states will be required to check the database more frequently.
The OBBBA's $1 trillion in cuts to SNAP and Medicaid are projected to cause "over 5 million people to lose their health insurance and over 3 million people to pay higher grocery prices within the next few years," wrote the senators this week.
"But for Equifax, these new threats to Americans’ food assistance and health insurance coverage 'represent the chance to become a lot richer,'" they wrote, quoting the Times' article from November about Equifax's plan to price-gouge states.
The senators continued:
Because Equifax is already dominant in this market, the law’s new red tape requirements allow the company to consolidate power even further, using extractive contracts to price-gouge states, squeeze competitors, and drive up profits. In fact, Equifax is laying the groundwork to cash in by proactively building out a platform called “TotalVerify,” which is specifically marketed as a tool to help “Prepare Your Agency For H.R.1.” Equifax also pitched the platform as a “single-source” for states and government agencies to be able to verify employment, income, incarceration status, consumer address, and phone number history and claims to “help state and government agencies manage the complexities of SNAP and Medicaid programs.” Given that Equifax’s tight grip on this business has “border[ed] on a monopoly,” Equifax stands to gain even more as OBBBA’s red-tape requirements take effect nationwide.
The lawmakers noted that judging from history, the work requirements are unlikely to "be effective at anything but increasing red tape," as the vast majority of Medicaid and SNAP recipients who are eligible to work already do and states have already run "failed" experiments with Medicaid work requirements.
In 2018, Arkansas' program resulted in 18,000 low-income people losing coverage in under a year, with people who had no home internet access and those who qualified for an exemption from the work requirement most likely to lose their benefits.
"Now, President Trump and Republicans in Congress have expanded this policy in a move that will ensure more Americans get tangled up in red tape and lose essential healthcare coverage and food assistance as a result," wrote Warren, Wyden, and Sanders. "That these requirements could allow Equifax to profiteer off of this ‘solution’ [makes] them even more egregious."
Adam Gaffney, former president of Physicians for a National Health Program, summarized the senators' objections to Equifax's price-gouging practices: "Corporate consultants and vendors are getting to make a killing off of Medicaid work requirements' administration machinery while our patients will lose healthcare and suffer. Meanwhile taxpayers will fund the bureaucratic lard."
The senators demanded to know Equifax's per-query costs for each state contract for the Work Number, the number of OBBBA-related contracts it expects to bid for in 2026 and 2027, the company's lobbying expenditures over the past five years for federal, state, and local governments, and whether Equifax plans to retain a clause in its contracts that allows it the “categorical right” to change prices with 30 days’ notice.
"Equifax’s long history of anti-competitive behavior," said the senators, "raises serious concerns about the company’s potential moves to price gouge states and taxpayers."
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