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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

If anyone uses Zelle, Venmo, or PayPal, you should be worried. If you have a mortgage, you should be worried. If you have a bank account, you should be worried. CFPB is literally not being allowed to work, and if Elon gets his way, it never will again.

And this is all because Elon wants to get into digital payments (again), and he doesn’t want any regulation. That’s why. It has nothing to do with efficiency. [/quote]

Sources told the NY Times Musk's end game was always about access to federal data and all of the trillions of dollars that run through payment systems.

https://www.nytimes.com/2025/02/28/us/politic...ucracy-takeover.html
Mr. Trump had announced the Department of Government Efficiency on Nov. 12 as an entity outside of government, but Mr. Musk quickly began to see problems with that — including the fact that it could be subject to public-record rules. He was also intent on getting access to federal data and payment systems. He felt that if he could not, the whole endeavor would be a waste of his time.

Several people involved in the talks were familiar with the White House digital office, including Mr. Smith, who had worked with the unit on a Covid database as a senior official in the first Trump administration. Mr. Musk was indifferent when the notion of taking it over was first floated, but warmed to the idea.

The operation would take over the U.S. Digital Service, which had been housed within the Office of Management and Budget, and would become a stand-alone entity in the executive office of the president. Mr. Musk would not be named the DOGE administrator, but rather an adviser to Mr. Trump in the White House.

An advantage of this complicated structure was secrecy. For all his talk about “transparency,” Mr. Musk was obsessed with confidentiality and fearful of leaks. If people filed lawsuits seeking disclosure of his emails or the operation’s records under the Freedom of Information Act, the arrangement would set the administration up to argue that such documents were exempt. In contrast with agencies like the Office of Management and Budget, FOIA does not apply to a president’s White House advisers or to White House entities that advise him but wield no formal power, like the National Security Council.[/quote]

All of this!

The scam is so obvious. [/quote]

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