Claim: The budget for the Consumer Financial Protection Bureau "is only about 1 percent of the amount banks generate just from late fees and overdraft fees."
Fact-check: Rep. Elijah Cummings says new financial protection bureau will have budget equal to just 1 percent of industry's fees
Verdict: true
Organisation: PolitiFact
Author: Louis Jacobson
Date published: 2011-06-08T00:00:00