The agency had been one of Wall Street’s most feared regulators, with the power to issue rules on mortgages, credit cards, student loans and other areas affecting Americans’ financial lives.

Trump’s DOGE, an advisory body led by Musk, has zeroed in on some agencies as part of its efforts to slash the size of government. The CFPB was the latest to come into Musk’s crosshairs following DOGE’s efforts to fire staff members and stop work at the U.S. Agency for International Development.

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