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 illegally overcoming their mandate, claiming that the rule is “a confirmation to verify their 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 fucking go.]”
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. I alluded to this in November, shortly after the start of Clips on the X of Joe Rogan PodCast with Venture Capitalist and his colleague at 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 last week also stopped immediately on many active lawsuits.
On January 14, CFPB A suitable suit For Capital consumers, claiming that the company has marketed almost two similar savings accounts with completely different interest rates, which led to the agency leaders to increase the shipping of $ 2 billion in interest. After a day, File a lawsuit against the cash application operator For 175 million dollars, claiming that the company did not deal adequately a number of customer complaints about unauthorized payments, adding 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 ZelLikewise, 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.
“Bring these things to a conclusion, to give consumers compensation and accountability for companies due to civil funds, with penalties for executives – all this is temporarily stopping now,” they say.
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.
