The agency aims to protect consumers from unfair, deceptive or abusive financial practices by taking action against companies that break the law. In 2022, the CFPB ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” that led to misapplied loan payments, wrongfully foreclosed homes and more.

Elon Musk on Wednesday called for the elimination of the Consumer Financial Protection Bureau, an agency that was founded in 2010 with a broad mandate to protect Americans from unfair and predatory financial practices.

Billionaire Elon Musk, tasked with slashing government costs by U.S. President-elect Donald Trump, on Wednesday called for the elimination of a federal regulatory agency charged with protecting consumers in the financial sector.