Ahead of President Trump's address to Congress, he and Elon Musk have taken action that affects American consumers. They have decided to drop new enforcement cases by the Consumer Financial Protection Bureau (CFPB), which could have returned millions of dollars to Americans who were scammed. The CFPB's efforts have previously resulted in over $21 billion being returned directly to consumers, including funds from big banks for mismanagement of auto loans, mortgages, and checking accounts.
Senator Warren commented on the situation: “President Trump is speaking tonight about ‘renewing the American Dream.’ Just hours before his speech, he and Elon Musk killed a lawsuit that could provide relief to cheated Americans. Trump's American Dream means big business gets bigger and Americans get scammed.”
The decision has led to eight enforcement cases against large corporations being dropped. These cases had the potential to return money to millions of affected Americans. Additionally, 30 more pending enforcement cases are now frozen due to this move.
The CFPB plays a crucial role in protecting American consumers by holding companies accountable for financial mismanagement. However, these efforts are currently being challenged by actions from President Trump and Elon Musk.