When billionaire Elon Musk recently called for the elimination of the Consumer Financial Protection Bureau (CFPB), he revealed the latest chapter in an ongoing war between financial predators and American consumers. As one of the world’s wealthiest individuals grows increasingly close to incoming President Trump, his attack on America’s financial watchdog should set off alarm bells for every consumer in the nation.

The CFPB’s record of protecting American consumers tells us exactly why financial criminals want it destroyed. Since its creation in 2010, the agency has returned an unprecedented $20 billion to consumers who fell victim to illegal financial schemes. But these numbers only tell part of the story. The real impact becomes clear when we examine specific enforcement actions that have protected millions of Americans from financial predation.

Take the massive credit card scandal that the CFPB uncovered in its early years. Capital One, Discover, and American Express were caught engaging in deceptive practices that affected millions of consumers. Capital One was forced to return $140 million to two million customers after the CFPB caught them using deceptive marketing tactics to sell unnecessary and overpriced credit card “add-on” services. Discover followed with a $200 million settlement for similar violations, and American Express was required to refund $85 million to a quarter-million cardholders, with some victims specifically targeted because of their advanced age.

The agency’s mortgage protection efforts have been equally impressive. Before the CFPB, predatory mortgage lenders operated with virtual impunity. The result? A 50% default rate on subprime mortgages issued in 2006. The CFPB implemented strict rules requiring lenders to verify borrowers’ ability to repay loans and banned the use of deceptive teaser rates that had trapped countless families in unsustainable mortgages.

Student loan protection has been another crucial battleground. The CFPB discovered that nearly 30% of young Americans between 22 and 29 have delayed or abandoned their education due to debt. The agency’s “Know Before You Owe” program revolutionized how students understand loan terms, while enforcement actions against predatory for-profit colleges have protected countless students from deceptive lending practices.

Military families have found a particular champion in the CFPB. Under Assistant Director Holly Petraeus, the agency established a dedicated team to protect service members from illegal foreclosures and deceptive education-loan practices. This initiative has saved military families millions while ensuring that those who protect our country aren’t exploited by financial predators.

The debt collection industry, previously operating like the Wild West, faced its first real oversight under the CFPB. With $1.2 trillion in delinquent consumer debt, the agency’s investigations revealed that nearly half of all claims against debt collectors involved harassment. The CFPB’s enforcement actions have shut down numerous collection agencies engaging in abusive practices and established clear rules protecting consumers from predatory collection tactics.

Payday lending, perhaps the most predatory financial practice, finally met its match in the CFPB. The agency’s investigations revealed that payday lenders typically charge $16 for every $100 borrowed in a two-week period – an astronomical 400% annual percentage rate. The CFPB’s enforcement actions have shut down numerous predatory lenders and established the first comprehensive federal regulations of this industry.

The agency’s oversight of bank overdraft practices has been equally crucial. Major banks including JPMorgan Chase, Wells Fargo, and Bank of America faced CFPB investigations for manipulating payment processing to maximize overdraft fees. The agency’s actions have saved consumers billions in unnecessary fees and forced banks to adopt more transparent practices.

But all these protections are now at risk. During Trump’s previous presidency, CFPB enforcement actions dropped dramatically, creating a golden age for financial criminals. While Trump promotes himself as a “law and order” president, his record shows a clear preference for allowing financial predators to operate freely at the expense of everyday Americans.

The CFPB’s creation was a direct response to the regulatory failures that led to the 2008 financial crisis. Before the agency, consumer financial protection was scattered across seven different federal agencies, creating gaps that financial predators exploited mercilessly. As Senator Elizabeth Warren warned, “This isn’t the last attack on the CFPB we’ll see from Wall Street, the banks, and their Republican allies. When an agency is this effective at sticking up for working families against industry’s consumer abuses, it’s an obvious target for multi-million dollar lobbying campaigns.”

Recent attempts by payday lenders to challenge the CFPB’s constitutionality failed when the Supreme Court upheld the agency’s funding structure in a decisive 7-2 ruling. But the attacks continue, now led by billionaires like Musk who claim the agency is “redundant” – a transparent attempt to weaken consumer protection for their own benefit.

The pattern is clear: Those calling for the CFPB’s elimination or reduced power are invariably connected to the same industries that have faced enforcement actions for exploiting consumers. Their coordinated attacks on the agency telegraph their intentions for the next four years under Trump’s presidency.

Americans must remain vigilant about who opposes the CFPB and why. When billionaires and banks claim consumer protection is unnecessary, they’re really saying they want to return to the days when they could exploit Americans without consequences. The CFPB’s track record proves exactly why we need robust financial law enforcement:

• Nearly 20 million Americans use payday lenders who charge predatory interest rates
• One in five seniors has been victimized by financial scams
• Nearly half of all debt collection complaints involve harassment
• Subprime mortgage defaults have devastated countless communities
• Student loan debt has crippled an entire generation’s financial future

As we enter another Trump presidency, protecting the CFPB’s enforcement capabilities has never been more critical. The agency’s ability to investigate, enforce, and protect must be preserved and strengthened, not weakened to please financial criminals and their billionaire allies.

The choice facing America is stark: maintain strong consumer protection through robust CFPB enforcement, or surrender to the wishes of those who profit from exploiting everyday Americans. The next four years will determine whether we protect American consumers or return to the financial Wild West that crashed our economy in 2008.