Delete CFPB,” Elon Musk, the billionaire tech executive running the “Department of Government Efficiency,” said in an early-morning post on X.

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.

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.

Earth’s richest person Elon Musk, President-Elect Donald Trump’s cost-cutting czar, identified a fresh federal government enemy: The Consumer Financial Protection Bureau, a relatively new agency created following the Great Recession.

Elon Musk, who will have a role in the Trump administration overseeing government "efficiency," called for the CFPB to be "deleted."

Republicans and the banking industry have accused the CFPB of regulatory overreach because it doesn't follow the usual congressional budget process.

The Consumer Financial Protection Bureau has long been a target for conservative ire, but dismantling it would require Congress' cooperation.

Elon Musk has asked social media users if funding for the Internal Revenue Service (IRS) should be "deleted" in a poll on X, formerly Twitter. "The IRS just said it wants $20B more money," Musk, who has been appointed to co-lead the informal Department of Government Efficiency under President-elect Donald Trump,

Elon Musk took to social media Wednesday to demand the shutdown of the Consumer Financial Protection Bureau (CFPB). Musk is spearheading President-elect Donald Trump’s initiative to reduce the size of the federal government.