FOR IMMEDIATE RELEASE: May 9, 2025

CONTACT: Carter Dougherty, carter@ourfinancialsecurity.org

AFR Statement on Trump Signing  Anti-Consumer, Anti-Oversight Bills

Washington, DC — Amanda N. Jackson, Director of Consumer Campaigns:

Today, President Trump signed two laws that overturned commonsense consumer protections from the Consumer Financial Protection Bureau (CFPB), one capping overdraft fees and one supervising digital payment apps. Trump’s presidential signature paves the way for banks to harvest billions of dollars in fees and eliminates privacy and account protections for millions of digital payment app users.

Trump has once again sided with big banks and tech oligarchs and not the working families that struggle to make ends meet when forced to pay a mountain of junk fees. Signing these roll-backs is part and parcel of the president’s effort to dismantle the CFPB, letting us all get ripped off during a period of great economic uncertainty. It’s just one more example of how this administration, run at the behest of billionaires, sides with corporations over everyday people every chance it gets.

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