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Of course banks are elated that Trump is moving back into 1600 Pennsylvania Avenue. His bro-buddy Elon Musk has already called for a neutering of the Consumer Financial Protection Bureau “to save money.” Given that the CFPB only spent $712 million in 2021, Musk’s true intention is to let banks regulated themselves. But, if history is any guide, that won’t happen. If Musk (and Trump) have their way, banks win and financial consumers lose.
Since its founding after the 2008 crash, the CFPB has secured over $20.7 billion in financial relief for consumers, benefiting more than 205 million individuals who were subjected to unfair or illegal practices. It has also addressed more than four million consumer complaints since its creation, helping resolve disputes with financial institutions and holding companies accountable for their actions.