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Musk wants to abolish consumer agency that has been a ‘model of efficiency’ (www.commondreams.org)

submitted 3 weeks ago by MicroWave@lemmy.world to c/news@lemmy.world

43 comments fedilink hide all child comments

Summary

Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

Critics, including Public Citizen, argue Musk is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services, a business Musk appears poised to enter.

“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.

The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.

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[–] andrew_bidlaw@sh.itjust.works 23 points 3 weeks ago

The CFPB has long faced opposition from corporations and conservatives

Whatever the complete opposite of a red flag, they have it. It'd be hard to find a thing these two groups have in common with an average citizen if that's not just an infight between the two.