Can any Trumper here tell me why this is good for them?
Trump and Musk Go to War on the Consumer Financial Protection Bureau
Trump administration orders consumer protection agency to stop work, closes building | AP News
Yet Elon Musk commented, “CFPB RIP” on social media site X on Friday. And the CFPB homepage on the Internet was down Sunday, replaced by a message reading “page not found.”
Also late Saturday, Vought said in a social media post that the CFPB would not withdraw its next round of funding from the Federal Reserve, adding that its current reserves of $711.6 million is “excessive.” Congress directed the bureau to be funded by the Fed to insulate it from political pressures.
“This spigot, long contributing to CFPB’s unaccountability, is now being turned off,” Vought said on X.
The CFPB says that it has obtained nearly $20 billion in financial relief for U.S. consumers since its founding in the form of canceled debts, compensation, and reduced loans. Last month, the bureau sued Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating” customers out of more than $2 billion in lost interest payments as a result, the bureau said.
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