Expert Advocates for Bipartisan Support of a Consumer Financial Protection Bureau to Safeguard Americans

PHOENIX — A significant clash is brewing over the future of the Consumer Financial Protection Bureau (CFPB) amid discussions of a potential elimination plan by former President Trump. Steven Conners, a former Vice President at Morgan Stanley and Merrill Lynch, now leads a wealth management firm in Scottsdale and is vocal about the implications of dismantling the agency.

Despite having voted for Trump, Conners expresses concern about the decision to eliminate the CFPB, highlighting its essential role. “Cutting away fat makes sense. No one wants a bloated government,” he noted. “But I think that it’s a mistake to take away an agency that is working to prevent things like robo-lending, excessive lending and lies.”

Established through the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB was tasked with safeguarding consumer rights and addressing complaints against financial institutions. Since its inception, it has reportedly secured over $21 billion for consumers, a fact often cited by supporters who argue that the agency’s benefits far surpass its operational costs.

Conners warned of the potential consequences, stating, “If you take away that protection for consumers, I’m not saying we’re going to have another financial crisis; however, does it increase the odds?” This concern reflects broader fears among advocates for consumer protection.

The CFPB has faced criticism from conservative factions. Figures like Elon Musk have called for its dissolution, invoking views from the current administration that labels the agency as a “woke weaponized arm of the bureaucracy.” Meanwhile, the CFPB’s Washington D.C. office currently remains closed, as two significant lawsuits initiated by federal employee unions progress through the courts, challenging the agency’s potential elimination.

Notably, two top officials at the CFPB resigned this week, adding to the agency’s tumultuous situation. Conners believes that it is vital for both political parties to support the CFPB, stating, “I think both sides of the aisle should want a Consumer Financial Protection Bureau for the American citizens.”

Recent reports from Bloomberg News indicate that Trump has granted Musk access to the agency’s sensitive data systems. Elizabeth Warren, a chief architect of the CFPB, contends that this creates a conflict of interest for Musk, whose businesses might come under the agency’s scrutiny.