ICYMI: Senate Democrats Investigate Trump-Musk Attack on American Consumers
Washington, D.C. – Yesterday, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Senate Democrats investigated the Trump-Musk Attack on American Consumers. They highlighted how President Trump is letting Elon Musk shut down the Consumer Financial Protection Bureau (CFPB) — an agency that has returned more than $21 billion to families scammed by big banks and other financial institutions — and making it easier to cheat working families out of their hard-earned money.
The Senate Banking Committee Democrats released a new analysis revealing that since the Trump-Musk attack on the CFPB, the agency is processing 80% fewer complaints, meaning thousands of Americans every day are not getting the help they need. Banking Democrats also highlighted 38 CFPB enforcement cases against big corporations that are now frozen that could provide millions of scammed Americans money back in their pockets. And read more about the state by state impacts of the Trump-Musk attack on the CFPB here.
Below are some key stories and tweets:
STORIES
USA Today: Thousands of consumer complaints unanswered after Trump CFPB purge, Dems say. Since its founding, the CFPB has returned more than $21 billion to consumers who were victims of fraud or scams
CNBC: Democrat senators question what Elon Musk plans to do with sensitive CFPB data… The lawmakers questioned whether Musk was conflicted in his efforts to dismantle the CFPB, highlighting his recent plan to launch a digital payments service within X, the social media network he owns.
The Guardian: US economy ‘less safe’, experts say, as Trump hobbles consumer watchdog
Forbes: Senator Warren Is Investigating Trump-Musk Attacks On The Consumer Financial Protection Bureau
Washington Post: Warren: Musk should have the courage to defend gutting of consumer agency
Forbes: Senator Warren Is Investigating Trump-Musk Attacks On The Consumer Financial Protection Bureau
American Banker: 'There should be an outrage': Democrats rally for CFPB
Daily Kos: Warren shreds Musk over his cowardly refusal to attend hearing
Watch Senator Warren’s interview with MSNBC’s Lawrence O’Donnell on the CFPB HERE.
Watch Senator Warren’s interview with CNN’s Kaitlan Collins on the CFPB HERE.
TWEETS
@SenWarren: Elon Musk is trying to shut down the CFPB and doesn't have the guts to defend his actions to Congress. Why? Because he knows he's giving free reign to Wall Street to scam you. What a coward.
@SenSchumer: The GOP in Congress actually has a plan to raise your bank fees—starting with overdraft fees. They’re siding with big banks That’s on top of Trump and DOGE working to eliminate the Consumer Financial Protection Bureau that fights for the middle class. Dems are fighting for you
.@SenateBanking: The CFPB has returned $363 Million to service-members and veterans. Watch @SenJackReed’s discussion with a retired Army vet on companies targeting our troops with predatory auto-loans
@SenCortezMasto: When Americans share their information with the government to go after scammers or get their hard-earned benefits, they should be able to count on their data being kept safe. Elon Musk has no business with our private data. Not at the Consumer Bureau, the VA, or anywhere else.
@SenateBanking: .@SenBlumenthal: The CFPB is more than just an acronym. It’s an agency that deals with real people and puts real money back in their pockets.
@Sen_Alsobrooks: The Consumer Financial Protection Bureau helps Maryland families stand up to massive corporations and delivers necessary financial relief. So naturally, billionaires Trump and Musk want to get rid of it. The middle class has become this Administration’s target. It’s shameful.
@SenKlobuchar: The Consumer Financial Protection Bureau stands up to big corporations to put $$$ back in the pockets of American consumers by taking on scams and predatory lending. I joined @SenWarren to highlight why this Administration must allow this crucial work to continue.
@SenatorShaheen: The Consumer Financial Protection Bureau keeps scammers, fraudsters and predatory companies in check, protecting you and your hard-earned dollars. By dismantling CFPB, Trump and Elon Musk are protecting their billionaire friends and corporate insiders at your expense.
@SenatorLBR: America’s veterans answered the call to serve our nation but now, thanks to the Trump admin's reckless cuts, there's no one to answer those veterans' calls when they need help. Listen to how one former CFPB employee describes what that means for our veterans and their families.
.@SenateBanking: While state attorneys general can provide support and often work with the CFPB, they have limited authority regulating big banks. @SenCortezMasto and @MassAGO agree that without the CFPB, Wall Street has free rein to cheat you out of your money.
@SenTinaSmith: The Consumer Financial Protection Bureau is on the side of consumers. There’s a reason Wall Street hates them. But one of the first things that Donald Trump and Secretary Bessent did was get rid of it.
@SenTimKaine: Trump’s chaos continues: following mass firings at CFPB—a consumer protection watchdog that’s returned over $21 billion to Americans in the last 15 years—thousands of reports of fraud and scams are going unanswered. This isn’t efficiency. Americans are at risk.
@BoldProgressive: Over the last two years, the CFPB supervision team instructed banks to refund more than $350 million charged in illegal junk fees to consumers, former CFPB Director of Supervision and Policy, Lorelei Salas, revealed.
###
Next Article Previous Article