Musk having a direct hand in dismantling an agency that might regulate him seems as though it would be a conflict of interest, and federal law prevents special government employees — including Musk — from working on projects in which they have direct financial interests.
On Monday, Trump attacked both the agency and its brainchild, Senator Warren, complaining that the agency was "set up to destroy people" and that the senator "used that as her little personal agency to go around and destroy people.".
The agency both fined institutions that either took advantage of consumers or failed to deliver on services or protections they promised customers and advocated for more consumer-friendly banking and lending practices, like capping overdraft fees and credit card interest rates.
For example; by reclassifying overdraft protections as credit products, some banking analysts have argued that the agency's actions will raise the cost of other banking services and potentially deprive customers of access to credit in the form of overdrafting for necessary purchases.
In addition to the money its won back for consumers, the agency also acted as a source of information, providing more than 63 million users with answers to financial questions and collecting more than 6.8 million complaints by consumers who felt wronged by companies.
