A few days after the rule came into force, the office was sued in January Netchoice AND TechnetTwo commercial groups representing Massive Tech. In addition to questioning the rule, the group accused CFPB of unlawful exceeding its mandate, claiming that the principle is “breathtaking theorem of their own jurisdiction.”
An indefinite break of CFPB in writing fresh rules and regulations can also benefit to Elon Musk, who Given goals Take into account the X transformation into so -called “everything”, which also makes payments. In January, Linda Yaccarino, General Director X, announced Partnership from Visa To create a digital wallet that can facilitate peer-to-peer payments.
“The first of many large advertisements about X Money this year,” she wrote. “[Let’s fucking go.]”
Although in recent months Musk has not publicly spoke about these specific ambitions, he suggested that reducing or eliminating CFPB is a personal goal. He summed up in November last year, shortly after Clips began to circulate on X from the Joe Rogan episode with Venture Capital and co -founder of PayPal Andreessn.
In the series Andreessen says that CFPB has “terrorizing finances” and “preventing new competition”. Answering the clip on X, Said Musk“Remove CFPB. There are too many duplicative regulatory agencies. “
Vought order Last week, stop all the works also immediately stopped at several lively processes that were in progress.
On January 14, CFPB submitted Claim In the case of Capital One consumers, claiming that the company deceptively sold two almost identically called savings accounts with significantly different interest rates, which, according to the agency, meant that it was exchanged with accounts of $ 2 billion in interest. A day later, sued the operator of the cash application For $ 175 million, claiming that the company did not convert a number of clients’ complaints to unauthorized payments and claimed that it allowed them to be cheated with huge amounts of money.
In December he also filed a lawsuit Against Walmart and Payements Processing Tool Branch Messenger. CFPB claimed that drivers were charged in the amount of $ 10 million in fees when they tried to access their payments. In the same month, the office A company that runs Zelle– as well as Banks JPMorgan Chase, Bank of America and Wells Fargo – allegedly implementing fraud security or examining clients’ complaints.
For now, none of these processes can continue.
According to a former employee, these lawsuits usually go to court one to two years of investigations. These studies include processing complaints sent to CFPB, conducting interviews with corporate directors and obtaining internal documents by means of civil investigators, which are Similar to the call. After success, the Tribunal may order the company to change its practices to comply with the law.
“Making these things until the end to make consumers to be responsible and attract a company with civil penalties, with sanctions against their management staff, all this is simply stopped,” they say.
After the CFPB cases are completed, they may result in law enforcement activities in which companies must pay off their consumers. In such cases, CFPB is also responsible for continuing the company and making sure that they have reached the deadlines, effectively enforcing the decision.