Trump Defends Billionaires

Shutting down the CFPB is about protecting billionaires.

On December 12, 2024, the Consumer Financial Protection Bureau finalized a rule limiting how much a bank can charge for overdraft fees. This new rule would cap overdraft fees to $5 per transaction. The average fee is currently $35 per transaction, customers who pay overdraft fees average $150 in fees per year, and banks collect $9 billion annually in overdraft fees.

The CFPB estimates that this rule, scheduled to become effective October 1st, will save American consumers $5 billion annually in overdraft fees.

On Friday, the Trump administration effectively shut down the CFPB. This multi-billion dollar gift to credit card companies, big banks, Silicon Valley, and Wall Street comes at the expense of all Americans.

Since its inception in 2011, the CFPB has secured over $19 billion for American consumers by holding financial institutions accountable for deceptive practices, enforcing consumer protection laws, and ensuring fair treatment in banking, lending, and credit markets. Their actions have benefited over 195 million Americans.

Here is a quick snapshot of some impactful CFPB actions:

• Mortgage Servicing Misconduct: In 2013, the CFPB took action against Ocwen Financial Corporation, a large nonbank mortgage servicer, for deceptive practices that affected nearly 185,000 borrowers. As a result, the company provided $2 billion in relief to underwater borrowers and returned $125 million to those who had been foreclosed upon.

• Student Loan Relief: In 2016, the CFPB took action against Bridgepoint Education, Inc., a for-profit college chain, for deceiving students into taking out private student loans that cost more than advertised. Bridgepoint was required to forgive and refund loans to students totaling $23.5 million and pay an $8 million penalty.

• Credit Reporting Corrections: In January 2025, the CFPB ordered Equifax to pay $15 million for failing to properly investigate consumer disputes and ensure the maximum possible accuracy of information on its consumer reports. This action aimed to rectify errors in credit reporting that could adversely affect Americans’ financial standing.

• Credit Card Dispute Resolution: In October 2024, the CFPB fined Apple and Goldman Sachs $89 million for mishandling Apple Card transaction disputes and misleading users about interest-free payment options.

In announcing the destruction of the CFPB, Trump OMB director (and Project 2025 author) Russ Vought said the agency’s current funding of $711.6 million is "excessive." Vought, Musk, and other DOGE bros are parroting the standard waste and fraud excuse they used to shut down USAID and will use to close the Department of Education.

It’s not true.

The CFPB is an incredible deal for US taxpayers.

• Its current budget of $711 million (0.01% of the total federal budget) equals about $4 per US taxpayer.

• In total, the CFPB has received $7.7 billion since its inception in 2011 (0.012% of the federal budget over that span) but has returned over $19 billion to US taxpayers. This means that for every dollar of spending on the CFPB, $2.50 came back in consumer relief.

And that’s just from direct enforcement actions. The CFPB’s true impact is even greater—billions more have been saved by Americans thanks to regulations that have reduced junk fees, capped predatory interest rates, and increased transparency in financial products.

Why This Matters:

• Donald Trump has made $100 million in transaction fees since his scam crypto token launched. However, 815,000 individuals who purchased the token lost $2.2 billion, as its price fell sharply from $75 to $17 per token. In January, the CFPB announced new rules that would expand regulations into crypto.

• Elon Musk is working to transform X into a virtual wallet where people can send money to one another. The CFPB has scrutinized similar digital payment platforms from Apple and Meta.

This is why the CFPB is under attack.

The CFPB is not a government agency filled with fraud and excess. It is a tool that helps working Americans fight back against predatory lending, deceptive financial practices, and unjust fees that drain their hard-earned money.

Donald Trump, Elon Musk, and their billionaire allies don’t want you to have that protection. They want a system where crypto scams go unchallenged, payment processors can gouge you with unlimited fees, banks can siphon your money to their shareholders, and mortgage lenders can trap more people in predatory loans.

How to talk about this:

Donald Trump and Elon Musk aren’t exposing corruption or saving taxpayers money. Eliminating the CFPB won’t cut the deficit or reduce wasteful spending.

What it does is strip consumer protections while enriching Wall Street. This isn’t about protecting taxpayers; it’s about protecting billionaires who profit from a rigged system.

More Helpful Content Resources.

I wanted to plug an amazing newsletter from our friends at the Girl and the Gov. Their newsletter #Viral is an incredible resource for social media managers working in politics. Every Tuesday, their newsletter features trending audios, concepts, templates, and more ideas to help the accounts of elected officials, candidates, and organizations create impactful social content.

The newsletter is particularly helpful for reaching less engaged voters because of its focus on how to message around politics using non-political trends and audio. It’s a great resource for navigating the “algorithm” to reach new people. As we look to pierce our progressive bubble, I find free resources like #Viral to be critical.

Sources:

https://www.ineteconomics.org/perspectives/blog/overdraft-fees-credit-card-late-fees-and-the-lump-of-profit-fallacy?utm_source=Facebook&utm_medium=Social+Media&utm_campaign=CFPB&fbclid=IwY2xjawIZx9pleHRuA2FlbQIxMQABHe2jGGVA4zeZJM8hH2G4_qQG-NgEjhb0V0BnYpUUczmax5ca2u0ZsFe8cw_aem_Q7BVCWJDLUY-PqhS_2YWsQ

https://perkinscoie.com/insights/update/cfpb-proposes-rule-expand-regulation-e-crypto-and-gaming-accounts

https://www.consumerfinance.gov/enforcement/enforcement-by-the-numbers/?utm_source=chatgpt.com

https://www.consumerfinance.gov/about-us/newsroom/cfpb-bans-excessive-credit-card-late-fees-lowers-typical-fee-from-32-to-8/

https://www.americanprogress.org/article/many-successes-in-just-a-few-years-the-consumer-financial-protection-bureau-turns-5/?utm_source=chatgpt.com

https://www.nclc.org/unlawful-shut-down-of-consumer-agency-endangers-working-families-honest-businesses-the-economy/

https://www.usatoday.com/story/money/personalfinance/2025/02/10/trump-halt-consumer-financial-protection-bureau-effects/78389108007/

https://www.nytimes.com/2025/02/12/business/elon-musk-cfpb-x-money.html