估算消费者金融保护局对消费者的成本

The Council of Economic Advisers February 2026 Key Takeaways •The regulatory burden imposed by the Consumer Financial Protection Bureau (CFPB) has increasedthe compliance and liability costs associated with consumer financial products, which financialinstitutions pass on to consumers in the form of higher prices and reduced product offerings.The •Of the total above, CEA finds that increased borrowing costs amount to at least$222-$350 billion($160-253 per borrower) from the CFPB’s inception in 2011 through 2024. oBroken down by loan type, the CFPB’s rulemaking has cost consumers $116-$183 billion inhigher mortgage costs ($1,100-$1,700 per originated loan), $32-$51 billion for auto loans($91-$143 per loan), and $74-$116 billion for credit cards ($80-$126 per loan). These costssignificantly surpass the CFPB’s reported $21 billion returned to consumers (about $15 per •In 2024 alone, the CEA estimates the combined annual cost of credit for mortgages, autos, and •CEA also estimates that the higher borrowing costs from CFPB policies significantly reduced loanoriginations, resulting in an economic efficiency loss of between$1.5-$5.7 billionto consumers. •The annual paperwork burden alone from CFPB rules exceeds29 million hoursor the equivalent of14,100 full-time employees spending all of their time on documentation and reporting requirementsat a conservative cost of just under $2.5 billion. From 2011 to 2024, the Bureau’s paperwork burden •The CFPB has received $8.9 billion in total transfers from the Federal Reserve between 2011 and2024 when adjusted for inflation. Since funds transferred to the CFPB would otherwise have beentransferred to the US Treasury, the lost revenue results in a marginal excess tax burden (METB) of Introduction The Consumer Financial Protection Bureau (CFPB) has steadily expanded its jurisdiction since inception,extending oversight across all consumer credit markets, including mortgages, auto lending, and creditcards. Through a combination of regulation, supervision, and the persistent threat of enforcement, theCFPB has increased the cost of credit for both lenders and borrowers. Moreover, instances of regulatoryoverreach and actions that bypass the Administrative Procedure Act (APA) introduce additional costs and To estimate the cost of CFPB policies on the U.S. economy, we exploit a natural experiment in themortgage market to estimate the increased cost of credit for loans explicitly subject to CFPB regulations.We find that borrowers of these regulated loans paid on average 4.3% more in interest (or 16 basis points)compared to borrowers not subject to CFPB regulations. Using this cost wedge, we extrapolate increasedborrowing costs for auto loans and credit cards. Across all three forms of consumer credit (i.e., mortgages,auto loans, and credit cards), we find that the CFPB has increased consumer borrowing costs by between$222-$350 billion from 2011 through 2024. Over the same period, economic efficiency losses stemming Politicization of the Regulatory Process at the CFPB In response to the 2008 Financial Crisis, Congress passed theDodd–Frank Wall Street Reform andConsumer Protection Act, establishing the CFPB. In doing so, Congress consolidated the consumerprotection functions of various agencies including the Federal Trade Commission (FTC), Housing andUrban Development (HUD), and various financial regulators into a single agency. Thestated objectiveofthe CFPB, per the CFPB’s chief architect, Sen. Elizabeth Warren (D-MA), is “making markets for consumerfinancial products and services work in a fair, transparent, and competitive manner.” However, from The CFPB has weighed disproportionately on consumer financial markets and has significantly broadenedits supervisory and enforcement powers. Specifically, the CFPB has moved beyond its initial focus onsupervising banks with assets over $10 billion and now asserts authority over virtually any offer of a Aligning itself more closely with progressive administrations, the CPFB’s oversight and rulemaking actionswere even reported aspersonalwins by the Biden Administration, asexhibitedin President Biden’s 2023 By inappropriately utilizing bulletins, guidance documents, and its enforcement authority in the place offormal rulemaking, the CFPB’s regulatory scope extends beyond the bounds of the APA and its statutoryobligations. The CFPBsuggests thatthis approach is novel, allowing political and personal motivations toinform its oversight. For example, former CFPB Director Rohit Chopraadvocateda policy of capping thesize or growth of business assets, prohibiting certain types of business practices, and requiring divestituresof certain product lines, recommendations that are often far outside the statutory scope of the Bureau.Similarly, the CFPBwas usedas a civil investigative authority in an Obama-Era investigation of for-profitcolleges and the Accrediting Council for Independent Colleges and Schools (ACICS), despite college Estimatin