Consumer Financial Protection Bureau headquarters in Washington, D.C.
The CFPB’s newly released FY 2024 Annual Performance Report offers a detailed look at the agency’s final year under the Biden administration, while openly framing the document as a prelude to a major philosophical and operational shift under President Donald Trump.
In the opening section, the CFPB made clear that the report reflects the work of former Director Rohit Chopra during President Joe Biden’s term, describing that period as one marked by regulatory “overreach,” aggressive supervision, and enforcement actions that the Bureau now says often exceeded its statutory mandate. The report stated that these efforts included burdensome regulations, expansive guidance and enforcement cases that produced “crushing penalties” unrelated to actual consumer harm.
By contrast, the report highlighted early actions taken under Acting Director Russell Vought, who assumed leadership during the transition to the Trump administration. According to the CFPB, those steps included withdrawing guidance documents, terminating certain consent orders, dismissing enforcement cases, and ending all diversity, equity, inclusion and accessibility initiatives in accordance with a Trump executive order.
Performance data in the report showed a sharp drop in enforcement outcomes. The CFPB ordered $507 million in consumer relief in FY 2024, down dramatically from nearly $5 billion in FY 2023, while civil money penalties fell to $754 million from more than $2.1 billion a year earlier. Supervision activity, however, remained robust, with 691 supervisory events conducted during the fiscal year.
The report also underscored the CFPB’s continued emphasis on consumer complaints and education, noting that nearly 17 million consumers used CFPB resources and that complaint routing times averaged less than one day.
Looking ahead, the Bureau said it is developing a new Strategic Plan for FY 2026–2030, expected in March 2026, that will align CFPB priorities with the Trump administration’s narrower interpretation of the agency’s authority.
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