The CFPB Has Cost Consumers $237 Billion Since 2011

The White House said Tuesday that the CFPB has cost consumers at least $237 billion since the agency was launched 2011.

Much of that cost is due to the regulatory burden imposed by the CFPB, the White House said in a press release highlighting findings from a report by the Council of Economic Advisers (CEA).

CFPB regulations increased the compliance and liability costs associated with financial products, and financial institutions passed those costs along to consumers in the form of higher prices and reduced product offerings, according to the release.

In its report, the CEA said that the CFPB has cost consumers between $237 billion and $369 billion since 2011. That estimate includes fiscal costs, higher borrowing expenses and reduced originations, per the release.