Tag

#consumer protection

The dismantlement of federal consumer protection mechanisms, including the CFPB, FTC enforcement, and financial regulations that shield the public from predatory practices, fraud, and abuse.

2 incidents

Grade 2 of 5: Major Abuse of Power

CFPB Dismantlement While Musk Launches Competing XMoney Payment Service

Musk used his government role leading DOGE to dismantle the CFPB, the agency positioned to regulate his XMoney digital payments platform, while gaining access to competitors' confidential financial data — a conflict of interest that ethics watchdogs and senators have flagged as potentially criminal under 18 U.S.C. 208. No charge or official finding has been made.

Grade 2 of 5: Major Abuse of Power

DOGE Shuts Down Consumer Financial Protection Bureau: 'CFPB RIP'

DOGE operationally shut down the Consumer Financial Protection Bureau — a Congressionally-created agency protecting 330 million Americans from financial fraud — by ordering staff to cease all work, deleting social media accounts, and planning to fire nearly all 1,700 employees. Federal courts intervened but the agency remains gutted.