Misty Castaneda, a hair stylist from Colorado, had struggled with poor credit due to a hefty medical bill for life-saving surgery. She remained in a toxic relationship because she relied on her husband’s credit for essential needs like housing and transportation. When she learned about the Consumer Financial Protection Bureau (CFPB) finalizing a rule to exclude medical debt from credit reports, she saw hope for many in similar situations.

Unfortunately, the fate of this rule now hangs in the balance as Elon Musk’s Department of Government Efficiency (DOGE) targets the CFPB for potential dismantling. The Trump Administration’s recent actions, including firing the CFPB director and halting its activities, have raised concerns about consumer protection. Advocates fear that without the CFPB, financial institutions could exploit consumers unchecked.

Established in 2010 after the financial crisis, the CFPB plays a vital role in supervising financial institutions, enforcing consumer protection laws, and addressing consumer complaints. It has recently made significant strides in protecting consumers, such as capping overdraft fees and removing medical debt from credit reports, saving billions for Americans. However, the agency’s future remains uncertain under the current administration’s cost-cutting agenda.

Consumer advocates warn that weakening the CFPB could leave consumers vulnerable to financial exploitation. With mounting challenges to its authority and funding, the agency faces a precarious future. As individuals like Misty and Gloria, burdened by medical debt, await potential relief, the fate of consumer protection in the U.S. hangs in the balance.