February 25, 2025

Ahead of CFPB Forum, Banking Committee Releases New Analysis Revealing Precipitous Drop in Consumer Complaints Processed After Trump-Musk Attack on American Consumers

Banking Committee Members Warren, Kim Demand Answers from Acting CFPB Director Vought 

“We are deeply concerned about the implications of your efforts to gut the CFPB on our constituents, who rely on the CFPB and its partner agencies to advocate on their behalf.”

Consumer Complaints Report (PDF) | Letter from Ranking Member Warren, Senator Kim (PDF)

Washington, D.C. – Ahead of a forum today to investigate the Trump-Musk attack on American consumers, the Senate Committee on Banking, Housing, and Urban Affairs Minority Staff released a new report examining the CFPB’s consumer complaint database that reveals thousands and thousands fewer daily consumer complaints are being processed by the CFPB, a drop of 80%. This precipitous fall occurred after President Trump and Elon Musk began their attacks on the agency. The analysis compares the number of complaints processed daily by CFPB during the last three months of the Biden Administration with the daily average since February 13th, when the Trump Administration initiated a stop work order and fired critical staff.

“Every day, thousands of Americans turn to the CFPB when they get to the end of their rope with customer service – asking the agency to determine whether they’re getting tricked or cheated and to help get their money back. But since the Trump-Musk attack on the agency, the CFPB is processing 80% fewer complaints, meaning thousands of Americans every day are not getting the help they need. Donald Trump and Elon Musk are allowing Americans to get scammed.” said Senator Elizabeth Warren (D-Mass), Ranking Member of the Committee.

Highlighting their significant concern over the status of the CFPB’s consumer complaints program, Senator Andy Kim and Ranking Member Warren wrote to CFPB Acting Director Russ Vought to demand answers. 

“[T]he Consumer Financial Protection Bureau (CFPB) is statutorily obligated to collect, monitor, and respond to consumer complaints regarding financial products and services—yet your recent efforts to dismantle the agency will likely inhibit its ability to do so,” wrote the senators. 

The senators continued: “Consumers deserve a strong CFPB that will advocate on their behalf in the wake of scams, fraud, and other corporate malfeasance. Therefore, we request information regarding the Consumer Financial Protection Bureau’s (CFPB) current ability to intake, process, and publicize consumer complaints submitted to the agency.”

Senators Warren and Kim are seeking answers from Acting Director Vought on whether the CFPB still has the staff, financial, technological, and other resources necessary to keep its Consumer Complaint Program operational, including detailed numbers about the number of complaints that have been submitted by American consumers to the agency and how many the agency has processed and sent to companies. They provided Mr. Vought with a list of questions and asked for answers by March 5, 2025.

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