- 1CEA estimates CFPB rules raised consumer borrowing costs by $222B to $350B, 2011-2024
- 2CFPB has said it returned more than $21B to consumers over the same period
- 3The full report is published on whitehouse.gov
A new study from the White House Council of Economic Advisors concludes that the CFPB costs consumers more than it saves them.
The estimates
The report finds that CFPB regulations raised borrowing costs for consumers by $222 billion to $350 billion over 2011 to 2024. The bureau, for its part, has said it returned more than $21 billion to consumers over the same period.
The report's takeaway is that although the CFPB has offered the appearance of doing good for consumers, its regulations have cost consumers far more than the benefit they perceive.
The document
The full report, Estimating the Cost of the Consumer Financial Protection Bureau to Consumers, can be downloaded from the White House site.
Source reporting: deBanked.
