Former officials say Americans more likely to be ripped off and scammed as CFPB targeted by Musk ‘efficency’ blitz

Millions of Americans are more likely to be ripped off by scammers and thieves as a result of a bid by the Trump administration to defang the top US consumer watchdog, former officials have warned.

Donald Trump has indicated he wants to eliminate the Consumer Financial Protection Bureau (CFPB), which was set up after the financial crisis to shore up oversight of consumer financial firms, prompting critics to accuse him of setting the stage for “one of the biggest cons” in modern memory.