Trump claims CFPB 'destroys' people. Senators say killing it is a gift to Musk.
On Wednesday, the Senate voted to block the Consumer Financial Protection Bureau (CFPB) from monitoring digital payments companies for fraud and privacy concerns—which Democratic lawmakers Elizabeth Warren and Adam Schiff said gave Elon Musk a “get out of jail free card.”
The vote advanced a proposed joint resolution to the House of Representatives that “disapproves” of a final rule Republicans introduced last year that was supposed to bring consumer protection regulation of digital payments companies in line with traditional financial institutions.
At that time, lawmakers were concerned about tech companies spying on consumers’ transactions, preventing valid transaction disputes over incorrect or fraudulent money transfers, and other potential harms to consumers “when they lose access to their app without notice or when their ability to make or receive payments is disrupted.”
Related Knowledge Center: Digital privacy and data security
If you’re online, you’re generating a constant stream of information about yourself — sometimes voluntarily, sometimes unwittingly — that is assembled and used to craft your online experience. And generate wealth for data brokers. Meanwhile, designers and managers of the digital infrastructure on which the world depends are engaged in a never-ending effort to thwart attempts, by both criminal enterprises and state actors, to exploit vulnerabilities in those systems.
Signalgate | State surveillance