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.

The department wouldn't be a department at all, but an outside group that can likely only make suggestions — unless Trump tries to axe current laws.

Elon Musk and Vivek Ramaswamy, co-heads of the Department of Government Efficiency, have suggested they’ll make cuts in key government departments, including the Pentagon.