Reply to Corruption. Conflict of interest. The money trail.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It was unclear why Elon has been so focused on destroying CFPB— until X announced a partnership with Visa to create a payments platform called X Money. Then it became very obvious. Elon is destroying the exact regulator that would oversee that new venture. The plan is to illegally dismantle CFPB and turn the entire agency into “five men in a room with a phone.”

https://www.nytimes.com/2025/02/12/business/elon-musk-cfpb-x-money.html[/quote]

Btw, Elon desperately needs this X Money platform to work out. It is projected that the payment platform could generate up to a billion dollars for X, and they won’t need to rely on advertisers anymore.

So know in the future if you use that payment platform (or any payment app!), and there’s any sort of problem, or you get hacked or scammed, or if you have any dispute with the company about it, there will be NO ONE to help you. The U.S. government will do nothing. The agency that could help will not exist. [/quote]

Of course.

https://prospect.org/power/2025-02-26-cfpb-shutdown-entirely-about-payment-apps/

In other words, Republicans are primarily focused on boosting Elon Musk and other Big Tech CEOs as they enter digital payment markets, determined to make managing and transferring money a regulatory-free zone. The move to revoke the larger participant rule takes enforcement decisions out of McKernan’s hands, and reveals the degree to which congressional Republicans are doing Musk’s bidding, even when it angers their traditional allies at the big banks.

As Sen. Warren said at a field hearing on Tuesday, “Trump and Musk aren’t shutting down the CFPB because it’s good for consumers—they are doing it to advance their own financial interests.”

It’s no secret that Musk wants to build X into a payment app. The company announced a partnership with Visa in January to support peer-to-peer payment transactions and a digital wallet. X Money would be a candidate for the kind of supervision the CFPB set up for non-bank firms. Eliminating the CFPB “would leave him free to scam and steal however he wants,” Warren said at the hearing.[/quote]

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