Washington, DC — On Monday, President Trump effectively shut down the Consumer Financial Protection Bureau, the independent agency created by Congress to protect consumers from unfair, deceptive or predatory financial practices like junk fees. First, President Donald Trump named Treasury Secretary Scott Bessent as acting director of the CFPB. Then Bloomberg reported that Bessent issued a memo that “appeared to shut down the CFPB altogether.” Last fall, Elon Musk tweeted his desire to “Delete CFPB.” Demand Progress Education Fund has long been a champion of the CFPB’s work to protect Americans from financial predators and scammers.
The following is a statement from Emily Peterson-Cassin, Corporate Power Director at Demand Progress Education Fund:
“Elon Musk’s corrupt corporate coup continues. After Musk said ‘Delete CFPB,’ our billionaire president and our billionaire Treasury secretary have shut down one of the best defenders we have against the billionaires, banks, scammers and other financial predators who take money out of the pockets of everyday Americans.
The CFPB has returned billions of dollars to victims of financial scams and is responsible for scores of enforcement actions holding law-breakers to account for fleecing us. It’s no surprise that corporate billionaires like Elon Musk and Marc Andreessen want to ‘delete’ the consumer protection agency. Closing the CFPB only serves to make Americans easy prey for banks and scammers again.”