End Citizens United (ECU) President Tiffany Muller issued the following statement in response to Elon Musk shutting down the Consumer Financial Protection Bureau (CFPB):
“Unelected billionaire Elon Musk’s closure of the CFPB is a slap in the face to the American people. The CFPB was a shield for American consumers, protecting them from the predatory interests of big banks and the financial industry––and returning over $21 billion dollars to working families. Make no mistake, shutting down this critical agency is a thank-you from the Trump administration to the Wall Street elites and billionaire CEOs who bankrolled his campaign. This will unleash a new wave of corporate exploitation, leaving Americans defenseless against scams, junk fees, and financial fraud. The consequences will be devastating.”
The CFPB, created in the wake of the 2008 financial crisis, was designed to protect consumers from the abusive and predatory lending practices that helped create the Great Recession. Since its creation in 2011, the CFPB has:
- Secured more than $21 billion in consumer relief through enforcement and supervisory actions, holding bad actors accountable and ensuring compensation for harmed consumers;
- Impacted over 205 million consumers, providing compensation through refunds, debt cancellations, and other forms of relief;
- Handled more than 6.8 million consumer complaints;
- Cracked down on junk fees which projected to save consumers $6.1 billion annually;
- Provided $363 million in relief to service members and veterans through its enforcement efforts.
###