According to Bloomberg, Musk tweeted on Wednesday, “Delete CFPB.” He claimed it’s because “There are too many duplicative regulatory agencies.” Destroying the CFPB just happens to be a Project 2025 goal, too. What a coinkydink!
Let’s be clear about the good the Consumer Finance Protection Bureau does and has done to protect Americans from financial harm:
Via The Washington Post:
Formed in the wake of the 2008 banking crisis, the CFPB has a broad mandate to protect Americans from unfair, deceptive or predatory financial practices. Its current director — Rohit Chopra, a Democrat — has recently issued rules meant to shield people from medical debt, make it easier for them to switch banks and limit the fees they face from falling behind on their credit card bills.
Since its founding, the CFPB has secured more than $19 billion in consumer relief, while penalizing large financial institutions and technology firms for allegedly mishandling Americans’ money. Its oversight often has stoked the ire of the nation’s biggest banks, credit card companies and other lenders, which have sued the bureau repeatedly over charges of regulatory overreach.
