Elon Musk's representatives gain access to sensitive data and systems at the Consumer Financial Protection Bureau (CFPB), raising concerns about potential dismantling of the agency.
Russell Vought, a key figure in the development of Project 2025 and recently confirmed as the director of the Office of Management and Budget, is now also serving as the acting leader of the Consumer Financial Protection Bureau (CFPB), according to an anonymous source familiar with the situation. This development comes amidst concerns following the actions of Elon Musk 's Department of Government Efficiency team, a group tasked with advancing President Trump's priorities across the government.
These representatives have gained access to internal computer systems managing the CFPB's human resources, procurement, and finance systems. They have also taken control of the CFPB's website, displaying an error message on the homepage, and deleted the bureau's social media accounts. Musk himself tweeted 'CFPB RIP' on Friday, although it remains unclear if any staff reductions or changes have been implemented. Musk's team's actions inside the CFPB have raised fears that he aims to significantly weaken the agency, similar to his efforts at the Department of Education and the U.S. Agency for International Development. Critics view Musk's involvement as a clear attempt to attack union workers and neutralize the CFPB, the primary agency responsible for curbing the exploitative practices of payment providers and auto lenders, including Musk's own company, Tesla. The CFPB plays a crucial role in protecting consumers from deceptive or predatory business practices, having filed lawsuits against major banks and payment platforms and implemented rules like capping overdraft fees and removing medical bills from credit reports. The agency's vast database containing sensitive information about individuals and businesses, including financial institutions, has raised concerns about potential misuse or exposure. The CFPB's independent status, funded outside the congressional appropriations process by the Federal Reserve, makes it a particularly intriguing target for cost-cutting measures. The agency has long been criticized by Republicans, the banking sector, and some in Silicon Valley for its investigations, enforcement actions, and fines in consumer protection cases
ELON MUSK CONSUMER FINANCIAL PROTECTION BUREAU PROJECT 2025 DEPARTMENT OF GOVERNMENT EFFICIENCY USAID TREASURY DEPARTMENT
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘RIP CFPB’: Elon Musk’s DOGE Embeds Itself Within Consumer Financial Protection BureauSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Elon Musk's DOGE Audits Consumer Financial Protection BureauElon Musk's Department of Government Efficiency (DOGE) has begun auditing the Consumer Financial Protection Bureau (CFPB) after Musk called for its dissolution. DOGE personnel have embedded themselves within the CFPB's Washington, D.C. headquarters. Musk believes the CFPB is an example of wasteful government spending and argues for the reduction of duplicative regulatory agencies.
Read more »
Musk's team takes control of key systems at Consumer Financial Protection BureauThe Consumer Financial Protection Bureau is the latest target of Elon Musk's Department of Government Efficiency.
Read more »
X Money: Elon Musk's Vision for a Social Media Financial EcosystemElon Musk's X, formerly Twitter, has partnered with Visa to launch X Money, a financial service allowing users to transfer funds, make payments, and store money within the platform.
Read more »
Elon Musk Aims to Make X the Center of Your Financial LifeElon Musk wants X, formerly Twitter, to become the hub for all your financial needs, encompassing everything from payments to investing. He envisions these features launching by the end of 2024, claiming users will be amazed by its capabilities. Musk emphasized that X will handle all money-related matters, eliminating the need for traditional bank accounts. X CEO Linda Yaccarino shares this vision, calling it a 'full opportunity' for 2024. Musk is actively working on securing the necessary licenses for money transmission across the US. He draws inspiration from his past venture, X.com, an online bank that eventually merged with PayPal, and aims to recreate its innovative features on X. This ambitious plan aligns with Musk's broader goal of transforming X into an 'everything app' similar to WeChat, offering a comprehensive range of services.
Read more »
Federal Judge May Block Treasury From Sharing Financial Data with Elon Musk's DOGEA federal judge hinted at potentially blocking the Treasury Department from sharing the personal financial information of millions of Americans with Elon Musk's DOGE. The judge expressed concerns about data privacy and the extent of access granted to two Musk associates now working for the Treasury.
Read more »