In 'Blatant Gift' to Musk's X Money Scheme, Republicans Move to Further Gut CFPB | Common Dreams
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"Elon Musk wants to cripple consumer protections for digital payment apps and the U.S. Senate is doing his bidding."
  • boydsterEnglish
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    13 hours ago

    Demand Progress said Wednesday that the vote on the GOP-led Congressional Review Act (CRA) resolution, which requires just a simple-majority vote to pass both chambers of Congress, is “the latest in a damning and telling chain of events benefiting Elon Musk.”

    The group laid out the timeline:

    November 21, 2024: The CFPB finalizes a rule enabling the agency to proactively supervise digital payment apps;

    November 27, 2024: Musk tweets ‘Delete CFPB’;

    January 28, 2025: X CEO announces that X Money will debut with a partnership with Visa;

    February 7, 2025: Musk’s DOGE staffers enter the CFPB and kick off an effort to shut it down;

    and March 5, 2025: The Senate is set to vote on legislation to revoke the CFPB’s digital payments rule.

    “Every step of the way, Musk has gotten closer to launching X Money without a watchdog to ensure that the platform adheres to federal rules mandating data security standards, disputes for fraudulent payments, consumer protections against debanking, and more,” said Demand Progress.