The Consumer Financial Protection Bureau has long been a target for conservative ire, but dismantling it would require Congress' cooperation.

"Delete CFPB. There are too many duplicative regulatory agencies," Musk wrote in a post on X. 

The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.

The bureau suggested this week that states should remove the exemptions banks enjoy from data privacy laws. California is a prime candidate to act.

The Vienna, Virginia-based credit union will pay tens of millions of dollars in penalties over what the agency said was "junk fees" charged to Navy Federal's customers.

The Consumer Financial Protection Bureau may face an existential threat if former President Trump is reelected, while the agency could be emboldened if Vice President Harris wins.

The rule, finalized Tuesday, enables consumers to share their financial data with third parties. Here are the implications for banks.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.