Richard Cordray, the first director of the Consumer Financial Protection Bureau (CFPB), warns against abolishing the agency, stating it would leave consumers vulnerable to predatory practices. He compares the potential scenario to 'the wild, wild west,' emphasizing the lack of oversight that would result. The CFPB has faced a leadership shake-up since Trump took office, and its new acting director, Russell Vought, has called for the agency's funding to be cut off. Vought's move is seen by some as influenced by Elon Musk, who has publicly advocated for the CFPB's elimination.
The first director of the Consumer Financial Protection Bureau warned against eliminating the independent watchdog agency, telling Business Insider that it would strip oversight of financial firms and harm US consumers.'We'd be back to the wild, wild west for financial services that affect families all over the country in terms of what their terms would be on their credit cards, on their mortgages, and other products.
On January 28, X CEO Linda Yaccarino announced a partnership with Visa that will allow peer-to-peer money transfers with what the company calls XMoney, set to debut later this year.'It's a direct conflict of interest and totally unethical for him to be making judgments about how the CFPB should exist that are not legislated by Congress and that might serve his own financial interests at the expense of the public across the country,' Corday said.
CONSUMER FINANCIAL PROTECTION BUREAU ELON MUSK GOVERNMENT REGULATION FINANCIAL SERVICES PUBLIC INTEREST
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