Elon Musk is waging war on the CFPB, a key check on his business empire
1 month, 2 weeks ago

Elon Musk is waging war on the CFPB, a key check on his business empire

CNN  

CNN — Elon Musk bought Twitter in 2022 with the hopes of turning it into “the everything app” that will let users zap money to each other and where they could eventually conduct their “entire financial world.” Days after Musk attended President Donald Trump’s inauguration this year, Twitter, now known as X, made its first major step towards building a financial ecosystem. That’s a slam dunk.” Concerns beyond X Painter pointed to how the White House has said Musk is serving as a special government employee and noted the criminal conflict of interest law applies to all federal officials, except the president and the vice president. “We’re talking about a real wild west situation.” Engel said the “most obvious conflict of interest” for Musk is X and its ambitions to push into payments. Yaccarino said that the X Money Account will debut later this year and the Visa deal is just the “first of many big announcements about X Money this year.” CNN’s Alayna Treene contributed reporting.

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History of this topic

Why the Project 2025 guy is suddenly advocating for a fintech accused of deceiving customers
1 month ago

Why the Project 2025 guy is suddenly advocating for a fintech accused of deceiving customers

CNN  

New York CNN — It’s taken just a few weeks in office, but the Trump administration’s apparent vision for economic populism is coming into focus: a blueprint for mass layoffs, creeping inflation, and a dissolution of consumer safeguards reviled by many wealthy Republican donors and politicians. Last year, the CFPB sued SoLo, accusing the LA-based fintech company of deceiving borrowers …

Top Democrats Fear Elon Musk Will ‘Enrich’ Himself In Newest Move
1 month ago

Top Democrats Fear Elon Musk Will ‘Enrich’ Himself In Newest Move

Huff Post  

LOADING ERROR LOADING Two top Democrats raised concerns about an Elon Musk-led effective shuttering of a consumer financial watchdog as the world’s richest man launches his own payment system. Elizabeth Warren, the top Democrat on the Senate Banking Committee, and Adam Schiff demanded that staffers at Musk’s “Department of Government Efficiency” be removed from the Consumer Financial Protection Bureau amid …

How Elon Musk could benefit from destroying the Consumer Financial Protection Bureau
1 month, 1 week ago

How Elon Musk could benefit from destroying the Consumer Financial Protection Bureau

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Elon Musk is working to gut the Consumer Financial Protection …

'Rife with conflicts': Musk sets sights on agency that would regulate 'X Money Accounts'
1 month, 1 week ago

'Rife with conflicts': Musk sets sights on agency that would regulate 'X Money Accounts'

Raw Story  

One of the agencies that Elon Musk's Department of Government Efficiency is tasked with downsizing is the Consumer Financial Protection Bureau — the very same agency that will decide whether Musk's social media platform X will be permitted to offer mobile payment services à la Paypal. According to NPR, "X, formerly Twitter, announced it had struck a deal with Visa …

Musk's team takes control of key systems at Consumer Financial Protection Bureau
1 month, 2 weeks ago

Musk's team takes control of key systems at Consumer Financial Protection Bureau

NPR  

Musk's team takes control of key systems at Consumer Financial Protection Bureau toggle caption Jon Cherry/Getty Images/Getty Images North America Representatives of Elon Musk's cost-cutting team have entered the Consumer Financial Protection Bureau and gained access to internal computer systems that manage the agency's human resources, procurement, and finance systems, according to a source familiar with the group's actions who …

Agency Trump and Musk want to 'delete' set to deliver $1.8 billion to scammed US consumers
3 months, 2 weeks ago

Agency Trump and Musk want to 'delete' set to deliver $1.8 billion to scammed US consumers

Raw Story  

In the coming weeks, as President-elect Donald Trump's second term approaches and his pledge to dismantle key agencies potentially comes closer to fruition, 4.3 million consumers are set to receive checks from one of the agencies the incoming administration wants to "delete." The Consumer Financial Protection Bureau announced Thursday that it will soon begin distributing a historic $1.8 billion to …

Elon Musk suggests to ‘delete’ another government agency under upcoming Trump administration: ‘Too many duplicative…’
3 months, 3 weeks ago

Elon Musk suggests to ‘delete’ another government agency under upcoming Trump administration: ‘Too many duplicative…’

Hindustan Times  

Billionaire Elon Musk suggested to abolish the Consumer Financial Protection Bureau, a financial watchdog, under the incoming Donald Trump's administration. Elon Musk, chief executive officer of SpaceX and Tesla and owner of X, did not offer any details about his proposal or an explanation for his belief that the CFPB is “duplicative” to other banking regulators The proposal comes amidst …

Elon Musk names financial watchdog government agency he wants to ‘delete’
3 months, 3 weeks ago

Elon Musk names financial watchdog government agency he wants to ‘delete’

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Elon Musk, the billionaire entrepreneur turned political adviser, announced on …

Trump ally Elon Musk calls to ‘delete’ US consumer protection bureau
3 months, 3 weeks ago

Trump ally Elon Musk calls to ‘delete’ US consumer protection bureau

Al Jazeera  

Musk, a confidante of the president-elect, is set to co-lead Trump’s newly created Department of Government Efficiency. In an early-morning message on his social media platform X, Musk called for an end to the Consumer Financial Protection Bureau, an independent watchdog agency with oversight over banks and other financial institutions. Musk later responded affirmatively to a commenter who called for …

Musk’s government overhaul plan: 'Delete' bureau that returns billions to Americans
Trending News
3 months, 3 weeks ago

Musk’s government overhaul plan: 'Delete' bureau that returns billions to Americans

Raw Story  

Space X CEO Elon Musk is considering cutting the Consumer Financial Protection Bureau as part of his drastic government remaking under his new entity the Department of Government Efficiency, The Washington Post reported Wednesday. President-elect Donald Trump promised Musk he could start a government agency to cut government agencies. Since its founding, the bureau "secured more than $19 billion in …

Elon Musk wants to "delete" the Consumer Financial Protection Bureau, shifting power to Wall Street
3 months, 3 weeks ago

Elon Musk wants to "delete" the Consumer Financial Protection Bureau, shifting power to Wall Street

Salon  

Elon Musk on Wednesday called for the elimination of the Consumer Financial Protection Bureau, an agency that was founded in 2010 with a broad mandate to protect Americans from unfair and predatory financial practices. “Delete CFPB," Musk wrote in an X post Wednesday morning, calling the Federal Reserve-funded agency an example of “too many duplicative regulatory agencies” in the federal …

Trump's Presidential Transition Gets Into Full Swing: Live Updates
4 months, 1 week ago

Trump's Presidential Transition Gets Into Full Swing: Live Updates

Huff Post  

Elon Musk called for the abolition of a federal agency that protects ordinary Americans from being ripped-off by the financial sector. The billionaire on Wednesday signaled he has his eye on the Consumer Financial Protection Bureau ahead of leading a central government cost-cutting drive in the Trump administration. His tweet was a response to a clip of “The Joe Rogan …

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