CFPB’s freezing of large ice technology regulations “places”

Days after the base entered into January, the office was prosecuted Netchical and techniqueTwo commercial groups represent large technology. In addition to the challenge of the base, groups accused CFPB of overcoming their delegation illegally, claiming that the rule is “a confirmation to verify its jurisdiction.”

The temporary suspension of an unspecified CFPB may lead to writing new rules and regulations Declared goals Include convert X into the so -called “application of everything” that will also make payments. In January, the CEO of X Linda Yaccarino announced Partnership with the visa To create a digital portfolio that can facilitate peer payments.

“Firstly, many big ads about X Money this year,” she wrote. (Let’s go ridiculous.)

Although Musk has not publicly talked about these specific aspirations in recent months, he has cleared to shrink or eliminate CFPB is a personal goal. Last November, shortly after the start of the Clips on X of the Joe Rogan episode with investment capitalism and his colleague in Paypal Marc Andressen.

In the show, Andressen says that CFPB works to “intimidate financing” and “prevent new competition.” Responding to a section of this on x, He said musk“Delete CFPB. There are many repeated regulatory agencies.”

Vogue for All work in the past week also stopped a temporary stop on many active lawsuits that were in progress.

On January 14, he presented CFPB lawsuit For Capital Consumer, claiming that the company has marketed almost two similar accounts with completely different interest rates, which the agency led to increased interest from account holders $ 2 billion. After a day, File a lawsuit against the cash application operator For 175 million dollars, it claims that the company did not deal adequately a number of customer complaints about unauthorized payments, and claimed that this allowed them to defraud huge sums of money.

Once again in December, a lawsuit was filed Against Walmart and Bayments Tool Tool Messenger Messenger. CFPB claimed that drivers had been imposed on $ 10 million in fees when they tried to reach their salaries. In the same month, he filed a lawsuit against the office The company that runs Zel– In addition to Banks JPMorgan Chase, Bank of America and Wells Fargo – because of their failure to implement fraud guarantees, or investigate customer fraud complaints.

At the present time, none of these cases can move forward.

According to the former employee, these lawsuits usually go to the court after two to two years of investigations. These investigations include addressing complaints that were sent to CFPB, interviewing CEOs of companies, and obtaining internal documents through civil investigation demands, which is Similar to a summons. Upon success, the court may order a company to change its practices to comply with the law.

They say: “Put these things to a conclusion, to give consumers compensation and accountability for companies due to civil funds, with sanctions on executives, all this is temporary now.”

When CFPB cases are concluded, it can lead to enforcement procedures that companies must pay to consumers. In these cases, CFPB is also responsible for following up on the company, ensuring that they have reached final dates, and effectively enforcing the ruling.