Trump claims CFPB “destroys” people. Senators say killing it is a gift to Musk.

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Ars Technica 12h ago

Trump claims CFPB “destroys” people. Senators say killing it is a gift to Musk. - Ars Technica

Quick Summary:

Trump’s efforts to shutter the CFPB sparks demand for Elon Musk ethics probe.

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".

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.