Conflict-of-interest questions surface as CFPB stripped of its power to regulate Elon Musk's X

[Eugene]

Source: Fortune

Conflict-of-interest questions surface as CFPB stripped of its power to regulate Elon Musk’s X

Chris Morris
Thu, March 6, 2025 at 11:52 AM EST 2 min read

• The Senate has stripped the Consumer Financial Protection Bureau’s power to monitor digital payment offerings. That could clear the way for Elon Musk's Twitter/X to broaden its payments plan. The proposal still needs to pass the House, but two senators are calling for an ethics investigation into Musk’s role in the change.

Democratic lawmakers are calling for a federal ethics office probe after the Senate voted to strip the Consumer Financial Protection Bureau (CFPB) of its power to oversee digital platforms.

While the changes must also be approved by the House of Representatives, such an action would prevent the CFPB from monitoring digital payment offerings, as it does with traditional financial institutions. That could open the doors for social media sites like Twitter/X to begin handling people’s money.

Elon Musk, whose so-called Department of Government Efficiency (DOGE) has been spearheading many of the changes to financial agencies, wants to turn X into an “everything app” that includes peer-to-peer payments and has already struck a deal with Visa.

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Read more: https://finance.yahoo.com/news/conflict-interest-questions-surface-cfpb-165208028.html