Elon Musk wants to 'delete' many Americans' financial lifeline

Nearly every exit poll conducted on Election Day found that, more than any other issues, voters’ concerns about the economy helped to return Donald Trump to the White House and put Republicans back in charge of both houses of Congress. Americans who felt the sting of inflation and who had trouble making ends meet, as companies steadily increased prices for essential goods like groceries and clothing, voted in the hopes that a new administration and new Congress would bring relief for their families.

So it is especially surprising that one of the first federal agencies to come under scrutiny from the incoming administration is one that has returned billions of dollars to many of the same consumers who were counting on leaders in Washington to look out for their wallets.

On Nov. 27, Elon Musk — who, along with Vivek Ramaswamy, has been tasked by President-Elect Trump with running a new Department of Government Efficiency — posted on his platform X that he wants to “Delete CFPB,” referring to the Consumer Financial Protection Bureau. The agency, Musk said, was part of a problem of “too many duplicative regulatory agencies” in Washington. But there are no other agencies in the federal government returning money to Americans’ bank accounts in the way the CFPB does.

Since its founding, the agency has returned more than $19 billion in cash to people who have been scammed by financial institutions, including predatory payday lenders and even some of the largest banks in the country. It has done so under Republican and Democratic presidents, including major actions against Wells Fargo and Equifax during President Trump’s first term in office, which, combined, returned $425 million to consumers. (Those actions both began under the Obama administration, but Trump’s CFPB directors oversaw the execution of those fines.)

https://finance.yahoo.com/news/opinion-elon-musk-wants-delete-143000169.html