Senate Votes to Strip CFPB of Ability to Regulate Platforms Like X

A key federal watchdog is being stripped of its power to oversee potential fraud and abuse in online payment platforms just as Elon Musk’s site, X, attempts to become one. Late last year, the Consumer Financial Protection Bureau—which is tasked with rooting out financial malfeasance—issued a rule that expanded its purview to include digital payment apps like Venmo, PayPal, and Zelle. Just as the CFPB is responsible for overseeing traditional financial institutions, the agency had also sought to exert oversight over the increasingly popular peer-to-peer payment sites. “Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” the CFPB’s then-director Rohit Chopra said. “The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures.” Since then, Trump has fired Chopra, and, amidst a broader rampage throughout the federal government, Musk’s DOGE has sought to shut down the CFPB. “RIP CFPB,” Musk posted ... Read full article.