Federal Reserve that the CFPB would not be taking its next funding draw “because it is not ‘reasonably necessary’ to carry out its duties.” “CFPB RIP,” Musk wrote on X on Feb. 7. It doesn’t look like the bureau is going away entirely.

President Trump and other critics of the agency say it needs to be shut down. Supporters of the agency point to its record of protecting consumers.

Founded in 2011 after the 2008 financial crisis, the CFPB is tasked with regulating consumer finance, including overseeing credit card companies, mortgage lenders, and debt collectors.

The Consumer Financial Protection Bureau, created after the Great Recession, shouldn’t be dismantled.