The department wouldn't be a department at all, but an outside group that can likely only make suggestions — unless Trump tries to axe current laws.

The agency aims to protect consumers from unfair, deceptive or abusive financial practices by taking action against companies that break the law. In 2022, the CFPB ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” that led to misapplied loan payments, wrongfully foreclosed homes and more.

As President-elect Donald Trump assembles the cabinet for his incoming presidential administration, he has also announced his plan to create an initiative he calls the “Department of Governmental Efficiency” (DOGE).