Thursday, March 13, 2025

Trump: CFPB Destroys People, Senators: killing It Is Musk Gift

On Wednesday, the Senate voted to block the Consumer Financial Protection Bureau (CFPB) from monitoring digital payments companies for fraud and privacy concerns -- which Democratic lawmakers Elizabeth Warren and Adam Schiff said gave Elon Musk a "get out of jail free card."

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Judge says she's leaning toward temporarily saving the CFPB

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-- The Verge (@theverge.com) March 12, 2025 at 2:50 PM

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More from the article...

... The vote advanced a proposed joint resolution to the House of Representatives that "disapproves" of a final rule Republicans introduced last year that was supposed to bring consumer protection regulation of digital payments companies in line with traditional financial institutions.

At that time, lawmakers were concerned about tech companies spying on consumers' transactions, preventing valid transaction disputes over incorrect or fraudulent money transfers, and other potential harms to consumers "when they lose access to their app without notice or when their ability to make or receive payments is disrupted."

But now, Republicans claim the rule "unnecessarily expands the CFPB's authority" and creates "barriers to innovation" in the digital payments world. Additionally, Trump has claimed that the CFPB has been "politicized," Reuters reported.

Warren and Schiff alleged in a letter to the Office of Government Ethics (OGE) Secretary Doug Collins that Musk has "clear conflicts of interest" that seemingly no one has investigated despite federal ethics laws. ...


#1 | Posted by LampLighter at 2025-03-10 01:53 PM

Related:

"Donald Trump and Elon Musk are ushering in a new age of bribery, graft, and corruption to American politics."

newrepublic.com

#2 | Posted by Corky at 2025-03-10 01:58 PM

NASA eliminates chief scientist role, other offices
www.axios.com

... NASA has cut its office of the chief scientist and its Office of Science, Policy, and Strategy, among other entities, the agency said in an internal email that Axios has viewed.

Why it matters: Eliminating these offices comes ahead of potentially deep cuts to the agency's science programs. ...


Mr Musk likely does not want to have NASA competing with his own companies ....

#3 | Posted by LampLighter at 2025-03-10 02:32 PM

Mr Musk likely does not want to have NASA competing with his own companies

NASA and NOAA are both going to be part of SpaceX before long.

#4 | Posted by REDIAL at 2025-03-10 02:38 PM

NASA and NOAA are both going to be part of SpaceX before long.

#4 | Posted by REDIAL

Can't wait for the next midwest tornado season where weather alerts are by subscription service only!

#5 | Posted by jpw at 2025-03-10 03:09 PM

What Credit Card Protections Could We Lose if the CFPB Closes?
money.usnews.com

... The Consumer Financial Protection Bureau, or CFPB, was created in 2011 in response to the 2008 financial crisis as a way to protect consumers from unfair financial practices. Without it, financial institutions could run around unchecked -- much like they did before the Great Recession.

With the CFPB's future in limbo, it's important to know how the dismantling of the agency could affect you -- and your wallet. ...



#6 | Posted by LampLighter at 2025-03-13 10:36 AM

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