Ahead of a scheduled forum to examine the Trump-Musk impact on American consumers, the Senate Committee on Banking, Housing, and Urban Affairs Minority Staff released a report detailing a significant decline in consumer complaints processed by the Consumer Financial Protection Bureau (CFPB). The report indicates an 80% reduction in daily complaint processing since President Trump and Elon Musk's actions against the agency. This analysis contrasts data from the last three months of the Biden Administration with figures post-February 13th, following a stop work order and staff dismissals initiated by the Trump Administration.
Senator Elizabeth Warren expressed concern about this decrease: "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."
In response to these findings, Senator Andy Kim and Ranking Member Warren have reached out to CFPB Acting Director Russ Vought for clarification. They wrote: "[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."
The senators further stated: "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."
Warren and Kim are requesting detailed information from Acting Director Vought concerning whether adequate resources remain for maintaining operations within CFPB's Consumer Complaint Program. They have asked for specific data on complaint submissions by March 5, 2025.