A few days after the rule came into force in January, the bureau was sued Netchise And TeknetTwo business groups representing Big Tech. In addition to challenging the rule, the groups illegally accused the CFPB of more than its mandate, alleging that the rule “is a breathtaking claim of its own jurisdiction.”
CFPB's indefinite break on writing new rules and regulations can probably benefit Alone Musk stated goals Include X in a so -called “everything app” that will also conduct payment. In January, X CEO Linda Yacarino announced Partnership with visa To create a digital wallet that can facilitate colleague to colleague.
“This year, among many big announcements about X Money, first,” she wrote. ,[Let’s fucking go.],
While Musk has not publicly talked about these specific ambitions in recent months, he has informed that reducing or eliminating CFPB is a personal goal. He indicated this last November, shortly thereafter, the clips began to broadcast on X from the daily episode with Venture Capitalist and partner Paple Cofounder Mark Andresen.
In the show, Andresen says that the CFPB serves to “terrorize finance” and “stop the new competition”. Answer to a clip of this on X, Musk said“Remove CFPB. There are many duplicate regulatory agencies.”
Ordered Last week, all the work gave immediate stop at many active cases which were in progress.
On January 14, CFPB filed trial For Capital Forest Consumers, alleging that the company marketed two almost equally designated savings accounts with misleading different interest rates, which claims that the agency claims that the account-holders resulted in more charge $ 2 billion $ 2 billion in interest. A day later, It sued the operator of the cash app For $ 175 million, alleging that the company did not adequately process several customer complaints about unauthorized payment, and claimed that it put them out of money in large quantities.
Back in December, it also filed a lawsuit Walmart and Payments Processing Tool against Branch MessengerCFPB alleged that drivers were charged a $ 10 million when they tried to reach their salary. The same month, the bureau filed a case Cleaning Company– Also with banks – JP Morgan Chase, Bank of America and Wales Fargo – allegedly implementing fraud security measures, or failing to investigate complaints of customers fraud.
For now, none of these cases can proceed.
According to the former employee, these cases usually go to court after one to two years of investigation. These investigations include processing complaints sent to CFPB, interviewing corporate officers, and obtaining internal documents through civil investigative demands, which is, which is, which is A sabponaWhen successful, the court may order a company to change its practices to follow the law.
He says, “To bring these things to a conclusion, prevent consumers and to make companies accountable with civil money punishment, with sanctions on their authorities, all this is now just stopped,” they say.
When CFPB cases end, they can take enforcement action in which companies have to pay back to their consumers. In these cases, the CFPB is also responsible for following the company and ensuring that they affect their time limit, effectively apply the ruling.