• The Consumer Financial Protection Bureau's HQ was shut down on Sunday.
• Elon Musk, head of the Department of Government Efficiency, wants to eliminate the agency.
• The first director of CFPB told BI that Musk's calls to dismantle the bureau are "totally unethical."

The first director of the Consumer Financial Protection Bureau warned against eliminating the independent watchdog agency, telling Business Insider that it would strip oversight of financial firms and harm US consumers.

"We'd be back to the wild, wild west for financial services that affect families all over the country in terms of what their terms would be on their credit cards, on their mortgages, and other products. There would be no oversight of that," Richard Cordray, who first led the CFBP when it was established in 2011 after the Great Recession to help prevent another financial crisis, told BI.

"Companies could act in their own interests at the expense of consumers," he added. "It would be as though we were saying to a neighborhood, 'Go ahead and enforce your laws. We will withdraw the police. We will not have any kind of enforcement of the law.'"

On Sunday, the CFPB told its staff that its DC headquarters would be closed this week and that they should work remotely, according to an email from the agency's COO, Adam Martinez, that was seen by BI.

On Monday, the CFPB's new acting director, Russell Vought, told employees in an email seen by BI to "stand down from performing any work task."

The CFPB in flux

The CFPB has had a shake-up in leadership since Trump took office.

While Martinez has served as the bureau's associate director and chief operating officer since February 2023, on February 1, Trump fired Rohit Chopra, the former CFPB director under President Joe Biden. Treasury Secretary Scott Bessent took on the role of acting director of the agency until Vought, the director of the Office of Management and Budget, took over the role on February 7.

Vought, CFBP's new acting director, was an author of the Project 2025 Mandate for Leadership, a conservative road map for the first 180 days of the Trump administration that outlines policy suggestions ranging from dismantling the Department of Homeland Security to scaling back USAID operations — some of which have already been implemented by the Trump White House.

Project 2025's playbook calls for abolishing the CFPB, calling it an unconstitutional, "highly politicized, damaging, and utterly unaccountable federal agency," instead recommending the bureau's consumer protection duties be rolled up under the Federal Trade Commission.

While the FTC has a Bureau of Consumer Protection, which has some overlap with the duties of the CFPB, the CFPB is the only federal bureau completely dedicated to protecting consumers from anticompetitive, deceptive, or unfair business practices in the financial services industry.

In a Saturday post on X, Vought wrote that the "spigot" for the agency's funding "is now being turned off."

Elon Musk calls for the end of CFPB

Vought's move comes after Elon Musk, the head of DOGE, repeatedly called to eliminate the agency as part of his broader effort to slash federal spending. "RIP CFPB," he said on X.

The CFPB's oversight of the financial industry has included a lawsuit filed against Capital One over allegations that it illegally charged customers over $2 billion in interest, the return of money to student-loan borrowers from private lender Navient, and rules to cap overdraft fees and remove medical debt from credit reports.

Cordray said Musk's targeting of CFPB could be a conflict of interest, considering X has plans to provide financial services on the platform.

Musk has shared his ambitions to turn his social media company into an "everything app," including a digital wallet and payment system. On January 28, X CEO Linda Yaccarino announced a partnership with Visa that will allow peer-to-peer money transfers with what the company calls XMoney, set to debut later this year.

"It's a direct conflict of interest and totally unethical for him to be making judgments about how the CFPB should exist that are not legislated by Congress and that might serve his own financial interests at the expense of the public across the country," Corday said.

Representatives for the White House, Musk, and the CFPB did not respond to requests for comment from Business Insider.

Congress established the CFPB under the Dodd-Frank Act and gave it the regulatory authority to enforce and expand on existing laws, such as the Consumer Financial Protection Act, meant to protect consumers and guide financial firms.

The agency is funded by the Federal Reserve instead of Congress' appropriations process, which has led to criticism from many lawmakers who say Congress should oversee the CFPB's funding.

"The CFPB was supposed to be bipartisan — in a way nonpartisan and actually independent of politics — and meant to implement good policies to protect American consumers," Antoinette Schoar, a finance professor at MIT Sloan School of Management, told BI. Schoar was a CFPB's inaugural advisory board member, lending her expertise in consumer finance to help develop some of the bureau's policies.

Musk vaguely acknowledged the CFPB's contributions on Thursday, saying that "they did above zero good things, but still need to go."

Escalating attacks on the bureau

The X owner's desire to shut down CFPB also reflects President Donald Trump's opposition to the consumer watchdog agency. During his first term, Trump took steps to reduce the CFPB's influence and appointed Mick Mulvaney as its acting director.

Trump "spent four years in the Oval Office and obviously the CFPB shifted direction during that time pretty dramatically, was much more timid, and not aggressive on behalf of consumers," Cordray said. "But they did enforce the law."

Under the new Trump administration, things are different: Treasury Secretary Scott Bessent recently ordered the CFPB to halt most of its work and pause all public communications, an email obtained by Business Insider showed.

The National Treasury Employees Union, which represents employees in the CFPB, on Sunday filed suit against Vought, urging a judge to block DOGE officials from accessing employee information and to block Vought's directives to "cease all supervision and examination activity" and "cease all stakeholder engagement."

Cordray said that Musk has no authority to "delete" the consumer watchdog agency, saying that "Congress is the lawmaking authority in the country" and that Musk "is not the Congress."

Democratic Sen. Ed Markey of Massachusetts said in a post on X on Saturday that Musk's role was a "blatant conflict of interest."

"Elon wants the CFPB gone so tech billionaires can profit from apps, like X, that offer bank-like services but don't follow financial laws that keep people's money safe," the senator wrote. "Musk wants to use the government to put more in his pockets."

The White House recently designated Musk as an unpaid "special government employee," which means the billionaire isn't subject to the standard ethics and conflict-of-interest rules that official government employees typically encounter.

One of the laws introduced as part of the Ethics Reform Act of 1989 stipulates that federal workers, including an SGE, are prohibited from making government decisions that impact their financial interests.

However, the law has an exception that says the official appointing the SGE can grant a waiver if the worker's services are deemed in the public interest and outweigh the potential conflict.

• Former President Jimmy Carter died on Sunday at the age of 100.
• Foreign and business leaders celebrated Carter's humanitarian work.
• President-elect Donald Trump said the world owes Carter "a debt of gratitude."

Former President Jimmy Carter died on Sunday at the age of 100. World leaders responded with an outpouring of support, celebrating Carter's legacy as a humanitarian.

The Georgia peanut farmer turned politician served as president from 1977 to 1981. But he is perhaps most known for his humanitarian work after leaving the White House.

Carter championed human rights and pushed for peace in various corners of the world. In 1982, he founded The Carter Center to focus on such issues.

In 2002, Carter received a Nobel Peace Prize for his efforts to promote peace and human rights. Carter also played an active role with Habitat for Humanity until the end of his life.

"My father was a hero, not only to me but to everyone who believes in peace, human rights, and unselfish love," Carter's son, Chip, said in a statement via The Carter Center on Sunday.

Biden: Carter was "a man of principle, faith, and humility"

President Joe Biden said on Sunday that he would order a state funeral in Washington for Carter.

"Today, America and the world lost an extraordinary leader, statesman, and humanitarian," Biden said in a statement.

"With his compassion and moral clarity, he worked to eradicate disease, forge peace, advance civil rights and human rights, promote free and fair elections, house the homeless, and always advocate for the least among us," Biden added. "He saved, lifted, and changed the lives of people all across the globe."

Biden said that the love Carter shared with his late wife, Rosalynn Carter, was "the definition of partnership" and that their leadership was "the definition of patriotism."

Trump: "We all owe him a debt of gratitude"

President-elect Donald Trump wrote on Truth Social that Carter's presidency "came at a pivotal time for our country and he did everything in his power to improve the lives of all Americans. For that, we all owe him a debt of gratitude."

"While I strongly disagreed with him philosophically and politically, I also realized that he truly loved and respected our Country, and all it stands for," Trump said in a subsequent post.

Trump had earlier criticized Carter's decision to hand over control of the Panama Canal to Panama, saying in a Truth Social Post on December 21 that his predecessor had "foolishly gave it away."

The president-elect recently accused Panama of charging US vessels "exorbitant prices" and threatened to retake control of the canal.

Former presidents and lawmakers tout Carter's post-presidential record

Former President Barack Obama and former First Lady Michelle Obama said in a statement on Sunday that Carter had "the longest and most impactful post-presidency in American history."

"Elected in the shadow of Watergate, Jimmy Carter promised voters that he would always tell the truth," the Obamas said.

"And he did — advocating for the public good, consequences be damned. He believed some things were more important than reelection — things like integrity, respect, and compassion," the statement added.

Former President George W. Bush said in his statement that Carter was a "man of deeply held convictions" who "set an example of service that will inspire Americans for generations."

"President Carter dignified the office. And his efforts to leave behind a better world didn't end with the presidency," Bush said.

Former President Bill Clinton and former Secretary of State Hillary Clinton said on Sunday that Carter had "worked tirelessly for a better, fairer world."

"I will always be proud to have presented the Medal of Freedom to him and Rosalynn in 1999, and to have worked with him in the years after he left the White House," Bill Clinton said.

Senate Majority Leader Chuck Schumer wrote on X that Carter led an "extraordinary life" that touched countless people's lives through his vision and generosity.

Sen. Bernie Sanders said on X that Carter would be remembered as a "decent, honest and down-to-earth man" for both his time as president and his later humanitarian work.

"He will be sorely missed," Sanders wrote.

US Secretary of Transportation Pete Buttigieg shared a tribute to the former president on X, writing that Carter's "leadership, intellect, and moral example ennobled our country, during and ever since his presidency."

Foreign politicians and business leaders hail Carter's peacemaking efforts

On X, Apple CEO Tim Cook shared a photo of the former president wearing a tool belt in front of a construction site with the message: "Today, we honor President Carter's lifetime of service and his commitment to leaving the world better than he found it. May he rest in peace."

Melinda French Gates said in her tribute that Carter was her hero. The philanthropist said she knew Carter best as a "global health advocate" who took on "diseases that impact the world's poorest people, like Guinea worm disease."

"When President Carter left office, there were more than 3.5 million cases of this painful, debilitating disease around the world each year. This year, thanks in no small part to the work of the Carter Center, that number was down to single digits," French Gates wrote.

"One of my favorite teachings says: 'To know that even one life has breathed easier because you lived, this is to have succeeded.' We honor President Carter by remembering that because of him, life is healthier, better, and safer not just for one life, but for millions," she continued.

Carter's death prompted tributes from foreign leaders such as Ukrainian President Volodymyr Zelenskyy, British Prime Minister Keir Starmer, and Canadian Prime Minister Justin Trudeau.

"He was a leader who served during a time when Ukraine was not yet independent, yet his heart stood firmly with us in our ongoing fight for freedom," Zelenskyy said of Carter in his X post.

"We deeply appreciate his steadfast commitment to Christian faith and democratic values, as well as his unwavering support for Ukraine in the face of Russia's unprovoked aggression," he added.

"Jimmy Carter's legacy is one of compassion, kindness, empathy, and hard work. He served others both at home and around the world his entire life — and he loved doing it," Trudeau wrote on X. "He was always thoughtful and generous with his advice to me."

King Charles — one of the few living figures from Carter's presidency still active in public life — also posted a tribute.

In the note, Charles said Carter's "dedication and humility served as an inspiration."

He nodded to Carter's 1977 visit to the UK, where Charles appeared in the background of this photo (top left, you can see his head) showing Carter meeting with G7 leaders and Queen Elizabeth II.

• UnitedHealthcare CEO Brian Thompson was fatally shot in New York City on Wednesday, the police said.
• The NYPD said Thompson, 50, appeared to be killed in a targeted attack.
• Police on Monday arrested a "person of interest" identified as 26-year-old Luigi Mangione.

Police in Pennsylvania on Monday arrested a "person of interest" in connection to the fatal Midtown Manhattan shooting of UnitedHealthcare CEO Brian Thompson.

The 26-year-old man, identified as Luigi Mangione, was arrested in Altoona, Pennsylvania, and charged with local gun and forgery charges, New York Police Department officials said during a press conference.

Mangione was arraigned on Monday evening and charged on five counts, including two felonies: forgery, carrying a firearm without a license, tampering with records or identification, possessing instruments of crime, and false identification to law enforcement, according to a criminal complaint viewed by Business Insider. He was ordered held without bail.

Mangione was arrested after an employee at a McDonald's recognized him from the surveillance photos circulated by law enforcement and called the police. The complaint said Mangione was wearing a blue medical mask and looking at a laptop when Altoona police arrived.

Mangione had fake IDs, a US passport, and a gun and silencer "consistent with" the one thought to have been used by the gunman who killed Thompson, police said. The criminal complaint said the gun and silencer had been 3-D-printed.

NYPD officials said Mangione was also found with a three-page handwritten document that suggested "he has some ill will toward corporate America."

Mangione is expected to be extradited to New York to face additional charges, NYPD officials said.

The manhunt for Thompson's killer

The NYPD had released more than a half-dozen surveillance images of the man suspected to be the shooter in the December 4 attack in the hopes that tips from the public could help authorities track him down.

The latest photos of the man suspected of the shooting — which has been described by police as a targeted attack — included one showing him in the back of what appears to be a taxi, wearing a blue medical mask and a dark hood. Another image showed the man standing outside the vehicle's window wearing a mask, hood, and dark puffer jacket.

Moments after shooting Thompson dead in the heart of Manhattan Wednesday, police say the gunman fled the scene, first on foot and then on an electric bike, which he rode into Central Park. Police believe the shooter ultimately escaped New York City by bus.

Investigators believed the gunman caught a cab on Manhattan's Upper West Side and directed the driver to a bus station as he made his getaway following the shooting, Bloomberg reported.

Police officials told CNN they believed the man left New York City via the Port Authority's George Washington Bridge Bus Station in Washington Heights.

"We have video of him entering the Port Authority bus terminal. We don't have any video of him exiting, so we believe he may have gotten on a bus," NYPD Chief of Detectives Joseph Kenny said in a December 6 interview. "Those buses are interstate buses. That's why we believe he may have left New York City," Kenny said.

NYPD divers were seen over the weekend searching the waters in Central Park for any evidence in the shooting.

A law-enforcement source told CNN that investigators had found a backpack in Central Park that they believed belonged to the gunman. The backpack contained a Tommy Hilfiger jacket and Monopoly money, CNN reported, citing law-enforcement officials and sources.

It was not immediately clear if other items were found in the backpack.

Kenny said on December 6 that officials were investigating the possibility that the gunman may have used a veterinary gun, used on farms to euthanize large animals quietly, in the shooting, CNN reported.

A law-enforcement source previously told BI that the gun used by the shooter appeared to be equipped with a silencer, according to surveillance footage of the attack.

Most of the images that police have released of the man wanted in the shooting show him with a mask covering the bottom half of his face, except a set of two, which NYPD Commissioner Jessica Tisch called the "money shot," that showed the clearest images yet of the suspect unmasked.

"He's been traveling and walking around the streets of New York City largely in a mask, with his face covered. We had to go through lots of video evidence to get that one money shot with the mask down," Tisch told CNN in a December 6 interview.

Tisch said that police released the photos of the man not wearing a mask because they wanted a "wider audience to see the picture outside of New York City."

"We are right now processing a tremendous amount of evidence in this case," the NYPD commissioner told the news outlet, adding that authorities already have "lots of forensic evidence," including fingerprints and DNA evidence.

Police have called the killing of Thompson premeditated

Police have described Thompson's killing as "a brazen, targeted attack."

Thompson was set to speak at UnitedHealth Group's 8 a.m. investor conference on December 4 when a hooded gunman opened fire from behind, striking him at least once in the back and at least once in the right calf, the police said.

"Every indication is that this was a premeditated, pre-planned, targeted attack," Tisch told reporters at a press conference hours after the shooting.

"It appears the suspect was lying in wait for several minutes," Tisch added.

The NYPD offered a $10,000 reward for tips leading to the gunman's arrest, and the FBI said it was also offering a reward of up to $50,000 for information leading to the gunman's arrest and conviction.

Multiple reports said that authorities conducted forensic tests on a discarded cellphone, protein bar wrapper, and water bottle.

How the suspect arrived in New York is also becoming clearer.

Authorities believe he may have traveled to the city 10 days before the shooting on November 24 on a bus that originated in Atlanta and dropped him off at Manhattan's main bus depot, the Port Authority Bus Terminal. It was not yet clear where along the route he boarded the bus.

The Atlanta Police Department announced Friday that the NYPD contacted it and will provide assistance in the investigation as needed.

The unmasked images of the wanted man released by police were captured at a hostel on New York City's Upper West Side, a law enforcement official told CNN, when an employee asked the man to lower his face mask.

The Times, citing a senior law enforcement official, previously reported that the suspect in the shooting used a fake New Jersey ID to book a room at the hostel he was staying at in the days before the attack.

Retired NYPD homicide detective Salvatore Tudisco previously told BI that the photos showing the man's face were likely to speed up the manhunt.

Tudisco led the city's last big manhunt for a murdered CEO, Gokada founder Fahim Saleh, whose killer was captured in three days by traces on credit card, cellphone, and surveillance camera evidence.

"That's the best option — to send it across the country, and someone will know him," the ex-detective said of the latest images.

He added that a facial-recognition trace would be less of an option because the hostel surveillance images do not show the man's full face.

Investigators can still try to run the photo through state driver's license and arrest databases, Tudisco said. However, some states require a judge to issue a warrant before state driver's licenses can be used as evidence in an arrest and beyond.

Shooter was 'proficient in the use of firearms,' police said

Kenny said at the NYPD's press conference in the aftermath of the shooting that the gunman arrived on 6th Avenue about five minutes before Thompson. The shooter's weapon appeared to jam during the attack, he added.

"From watching the video, it does seem that he's proficient in the use of firearms, as he was able to clear the malfunctions pretty quickly," Kenny said.

Surveillance footage captured the incident, showing the gunman firing his weapon as Thompson, wearing a blue suit jacket, was walking several feet in front of him.

A law-enforcement source, who is not authorized to talk to the press, told Business Insider that the gun appeared to be equipped with a silencer. The source added that the gunman "definitely knew" where Thompson was going to be.

The police said officers found Thompson unconscious and unresponsive two minutes after the shooting. Emergency responders rushed him to Mount Sinai Hospital, where he was pronounced dead at 7:12 a.m.

Police have not identified a motive

The shooting occurred blocks from Midtown holiday tourism landmarks, including Radio City Music Hall and Rockefeller Center, whose Christmas tree lighting took place on December 4.

In the aftermath of the shooting, six evidence cups were visible on the taped-off section of the sidewalk where the attack occurred.

"That's covering the shell casings," an officer at the scene told BI, declining to give their name because they were not authorized to talk to the media.

UnitedHealth Group canceled its "investor day" conference shortly after reports of the shooting broke.

Investigators have not yet determined a motive for the killing.

Kenny said investigators were combing through Thompson's social media and interviewing employees and family members and would be talking to law enforcement in Minnesota, where Thompson lived and where UnitedHealth Group and UnitedHealthcare are based.

Thompson's wife, Paulette Thompson, previously told NBC News in an interview that her husband had been receiving threats.

"Basically, I don't know, a lack of coverage?" she said. "I don't know details. I just know that he said there were some people that had been threatening him."

The police department in his hometown of Maple Grove, Minnesota, told BI it hadn't been notified of any threats he might have received. Theresa Keehn, the Maple Grove police administrator, initially said Maple Grove had no record of calls for service to his house. Still, the department later said it had responded to a 2018 call from Paulette Thompson. An incident report said she had been walking to bed when she saw the front door deadbolt turn and grew afraid someone was inside the house. The police did not find anyone inside the home.

An unnamed senior law enforcement official told NBC News that shell cases found at the scene were inscribed with the words "deny," "defend," and "depose." BI has not independently confirmed the description of the evidence, and an NYPD spokesperson didn't return a request for comment.

Jay M. Feinman, an author and legal professor specializing in insurance law, torts, and contract law, wrote a similarly titled book "Delay Deny Defend: Why Insurance Companies Don't Pay Claims and What You Can Do About It."

The book is dubbed an exposé of insurance injustice and explains how people can be more careful when shopping for insurance policies and what to do when pursuing a disputed claim.

The NYPD said Thompson arrived in New York City on Monday and was staying at a hotel across the street from where he was shot.

Police in Maple Grove, Minnesota, told BI homes of Thompson and his wife in a suburb outside Minneapolis were targeted with fake bomb threats Wednesday evening, more than 13 hours after the shooting.

Thompson was remembered as a 'hardworking Midwest guy.'

Thompson spent 20 years at UnitedHealth Group and was CEO of UnitedHealthcare, the health-benefits unit, since April 2021.

While announcing his promotion, the company said Thompson would "drive continued growth across the global, employer, individual, specialty, and government benefits business while continuing the company's focus on ensuring access to high-quality, affordable healthcare."

Leaders in the healthcare industry shared their condolences in the hours after Thompson's death.

UnitedHealth's shares were broadly unchanged after the shooting. They've gained about 12% in the past 12 months, less than the 32% increase in the S&P 500, but outperforming competitors, including CVS Health, Humana, and Elevance Health. During its third-quarter results in October, it gave what UBS called a "more conservative than usual" outlook for fiscal 2025. Ahead of Wednesday's investor day, it gave more detailed guidance for next year, forecasting revenue of $450 billion to $455 billion and adjusted earnings of $29.50 to $30 a share. The company also suffered a ransomware attack that disrupted pharmacy deliveries earlier this year.

By the afternoon of the shooting, UnitedHealth Group had removed the names of its executives from its website, an archived version of its site shows. Some executives also appeared to have deleted their LinkedIn profiles, though it's unclear when.

Thompson had previously served as CEO of the group's government programs, running its programs for Medicare and Medicaid recipients.

Thompson's former brother-in-law, Bassel El-Kasaby, told Business Insider that Thompson was "a good guy, very successful and very humble — just a decent, hardworking Midwest guy."

"Whoever did this is a coward and a loser," El-Kasaby said.

Correction: December 4, 2024 — An earlier version of this story misstated Thompson's work history at United Health. He worked at the company for 20 years but was not an executive there for 20 years.

Update December 9, 2024: This story was updated with details on the arrest of a "person of interest" in the shooting.