Top Line
The Consumer Financial Protection Bureau’s X account appears to have gone offline after new acting director Russell Vought took over on Friday. This is a disastrous sign of a bureau targeted by Trump and tech billionaires, including Mark Zuckerberg and Elon Musk, who “advocates for removal.” He cuts government spending Institutions in effort.
Treasury Secretary Scott Bescent testifies during a confirmation hearing of the Senate Treasury Committee …(+)
CQ-Roll Call, Inc via Getty Images
Important facts
Previously, CFPB X accounts available on @CFPB told users as of Saturday that “this account does not exist,” but the agency’s website also shows a 404 error.
Vought, the architect of the conservative Project 2025 Agenda, reportedly took over the agency on Friday in search of the government efficiency of Trump and Musk, their latest targets to cut government spending. It is being done.
Also, on Friday, Musk’s Doge staff reportedly accessed the CFPB building and accessed the department’s computer system. This has been accused by the CFPB union as “a clear attempt to attack union workers and defang the only institution to check payment providers’ greed.”
“CFPB RIP🪦,” Musk posted on X Friday afternoon.
Treasury Secretary Scott Bessent said earlier this week that he would halt all regulatory activities and “all types of public communications,” according to multiple reports. ordered the agency staff via email.
CFPB suppression has long been a target for Republicans and technology executives after the Biden administration implemented new regulations to address predatory lending and credit card and banking fees.
What did Elon Musk say about CFPB?
Elon Musk, the world’s wealthiest man, has attacked the CFPB and joined the chorus of the technology and finance giants who claimed that their agents had taken a pushy approach to regulations. Musk, who has advised Trump on how to reduce the size of the federal government, said in November that he would like to remove the CFPB. Large tech companies and others who offer digital fund transfer and payment wallet apps.
What did Mark Andreessen and Mark Zuckerberg say about the CFPB?
Billionaires Marc Andreessen and Mark Zuckerberg were also attacked by agents. This threatened to sue Meta last year over allegations of improper use of financial data in its advertising business. In an interview with the podcast, Zuckerberg told Joe Rogan that he “found a theory he wanted to investigate,” the CFPB, questioning whether there is a “quiet consensus” among regulators that want to punish the tech industry. Advising some members of the Trump administration, Andreessen also claimed that he “terrorizes anyone trying to do something new in financial services.”
What did Republicans say about the CFPB?
Republicans tried to refund the CFPB and praised Chopra for his firing. R-Ark. French MP Hill said in a statement that Bessent was “finally restrained by this inexplainable institution by placing the CFPB under the expenditure process, turning it into a bipartisan committee and providing appropriate statutory guardrails.” I vowed on Monday. The CFPB receives funds directly from the Federal Reserve, rather than the Congressional expenditure process designed to maintain its fairness.
Important background
The CFPB was established in 2011 in the aftermath of the 2008 financial crisis, by the Dodd Frank Wall Street Reform and Consumer Protection Act. Trump previously tried to limit CFPB powers during his first term, former lawmaker Mick Mulbany, Rs.C. was appointed acting director. Mulvaney has since sent the CFPB budget request to the Federal Reserve for $0, ordered a job freeze and halted new enforcement actions, according to the New York Times. Former President Joe Biden then hired Chopra to cancel his obedience behavior, and the agency under Chopra’s direction will limit overdraft fees, credit card deferral fees and remove medical debt from credit reports. Chopra took the lead, and repeatedly clashed with the big bank.
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Elon Musk Homes in New Government Target: Consumer Financial Protection Bureau (Forbes)
