Bloomberg News reports:
In another weekend takeover of a federal agency’s operations, staffers from an efficiency initiative led by billionaire Elon Musk helped to effectively shut down the Consumer Financial Protection Bureau — as they gained access to an array of the bureau’s protected information.
The actions began last Thursday, when four young staffers working under Musk for DOGE, showed up at CFPB’s Washington headquarters.
At first, they had what was described as read-only access to a limited array of documents, including the agency’s internal personnel files, procurement records and budgeting and financial data, according to an email shared among CFPB officials.
Musk Watch reports:
With Elon Musk’s social media platform X poised to launch a digital wallet and peer-to-peer payment services, Musk’s associates have been granted access to confidential information about X’s competitors, an official at the Consumer Financial Protection Bureau (CFPB) told Musk Watch. Staffers at DOGE, a White House body led by Musk, embedded themselves at the CFPB late last week.
Last year, the CFPB said it would begin treating digital payment apps “just like large banks, credit unions, and other financial institutions already supervised by the CFPB.” The CFPB also filed a lawsuit accusing banks of failing to properly mitigate fraud on the digital payment app Zelle. Musk has celebrated Vought’s hostile takeover of the agency. “CFPB RIP,” he wrote in a Friday post alongside a tombstone emoji.
There’s much more at the second link.
DOGE-Backed Halt at CFPB Comes Amid Musk’s Plans for ‘X’ Digital Wallet DOGE-Backed Halt at CFPB Comes Amid Musk’s Plans for ‘X’ Digital Wallet www.bloomberg.com/news/feature…
— John Lothian News (@johnlothiannews.bsky.social) February 10, 2025 at 7:23 AM
The post How The End Of Banking Oversight Benefits Musk’s X appeared first on Joe.My.God..