CFPB Costs Consumers At Least 10x More Than They Get Back

A new study published by the White House Council of Economic Advisors found that the CFPB costs consumers more than it saves them. According to the report, CFPB regulations increased borrowing costs to consumers by $222 billion to $350 billion over the time period of 2011 – 2024. In return the CFPB has touted that it has returned more than $21 billion to consumers over the same time period.

A takeaway is that the while the CFPB has provided the optics of doing good for consumers it has actually cost them far in excess of the perceived benefit to them.

The full report can be downloaded here.