Elon Musk Wants To ‘Delete’ Agency That Returned $19B in Stolen Funds To Americans — Here’s Why
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Adam Palasciano
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The transition from the Biden administration to the second Trump administration has been nothing short of unprecedented. As of April 10, President Donald Trump has signed a stunning 112 executive orders since he took office for the second time on Jan. 20, 2025, according to the National Archives, covering a variety of policies from paper straws to government finances.
One of those executive orders, signed by Trump on his very first day in office, established the Department of Government Efficiency (DOGE).
Headed by Elon Musk, the world’s richest man, DOGE has set out to eliminate so-called government waste, fraud and abuse. One of DOGE’s latest efforts has been to target the Consumer Financial Protection Bureau (CFPB).
Next, find out what Musk’s potential departure from DOGE could mean for its future.
What Is the Consumer Financial Protection Bureau?
The Consumer Financial Protection Bureau (CFPB) is a U.S. federal government agency dedicated to ensuring that consumers are treated fairly by financial institutions, such as banks and lenders.
The Hill reported that the agency has returned some $19 billion in cash to consumers who have been scammed by payday lenders and large financial institutions, and has done so under both Republican and Democratic administrations.
Trump Administration Fires Director of CFPB
But according to CNN, the Trump administration has fired the former director of the CFPB, Rohit Chopra.
Chopra, who was appointed by former President Joe Biden in 2021, is one of Trump’s latest targets in his crusade to change the face of the federal government.
“Every day, Americans from across the country shared their ideas and experiences with us,” Chopra said in a post on X. “You helped us hold powerful companies & their executives accountable for breaking the law, and you made our work better.”
Under Chopra’s leadership, the agency spearheaded efforts to limit overdraft fees charged to consumers by banks, cap credit card late fees and remove about $49 billion of medical debt from consumer credit reports.
The administration’s firing of the director of the CFPB seems to be part of Trump’s efforts to eliminate and replace many government agencies’ leaders, instead choosing individuals who more closely align with the administration’s values. To take it a step further, DOGE wants to delete the CFPB altogether. Here’s why.
Why Elon Musk and DOGE Want To Delete the CFPB
Despite the CFPB’s efforts and success in returning billions of dollars to U.S. consumers, Musk said this in a November post on X: “Delete CFPB. There are too many duplicative regulatory agencies.”
As per Politico, conservative criticism of government regulation is nothing new and neither are efforts to target and eliminate the CFPB. Republicans and financial institutions have unsuccessfully attempted to take down the agency for many years. While DOGE aims to eliminate the CFPB, eliminating a government agency takes an act of Congress and cannot be done by executive order.
To add, in 2024, the Supreme Court upheld the agency’s funding structure as constitutional in a 7-2 decision, Politico Pro reported.
So for now, the CFPB is probably safe. That being said, the fate of many government agencies remains in question with the current Republican-controlled Congress.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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