A few days after the rule took effect in January, the office was sued by Netchoice And TechnnetTwo trade groups representing large technology. In addition to challenging this rule, the groups of CFPB accused beyond the illegal task, alleged that this rule is a spectacular affirmation of their own jurisdiction.
CFPB's unknown suspension of writing new rules and rules can also benefit Elon Musk, who has The target stated Including turning X into an application called everything, it will also make payments. In January, CEO X Linda Yaccarino announced Collaborate with Visa To create a digital wallet can facilitate peer payments.
First of all, many big notices about X Money this year, she wrote. “(Go.)
Although Musk did not speak publicly about these specific ambitions in recent months, he threatened that the gradual decline or elimination of CFPB was a personal goal. He suggested in November last year, right after the clip began to circulate on X from the episode Joe Rogan with venture capitalist and co -founder Paypal Marc Andressen.
In the program, Andrreessen said that CFPB has the function of financial terrorism and preventing new competition. Answer a clip of this on x, Musk saidDelete CFPB. There are too many duplicate management agencies.
The order of vue to Reducing all last week's tasks also suspended immediately on a number of lawsuits being conducted.
On January 14, CFPB submitted a lawsuit For Capital One consumers, accusing that the company has drastically marketed two saving accounts almost identical to very different interest rates, which this agency claims to lead to excessive calculation. Excessive $ 2 billion. One day later, It sued the cash application operator For $ 175 million, the company accused the company not fully handled some customer complaints about illegal payments and stated that this allows them to be deceived by the huge amount of money.
Back in December, it also filed a lawsuit Against Walmart and Messenger payment processing tools. The CFPB accused the drivers who were charged $ 10 million when they tried to access their salaries. In the same month, the Department sued Zelle operating companyBanks as well as JPMorgan Chase, Bank of America and Wells Fargo banks, because they are accused of not taking frauds of fraud or investigating customer fraud complaints.
Currently, there are no lawsuits that can be proceeded.
According to former employees, these lawsuits often go to court after one to two years of investigation. These surveys are related to the handling of complaints sent to CFPB, interviewing the executives of the company and obtaining internal documents through civil investigation requirements, which is Similar to plastering court. When successful, the Court may order a company to change its activities to comply with the law.
Put these conclusions, so that consumers can overcome and keep companies responsible for civilian penalties, with sanctions on their executives, all these That was only paused, they said.
When CFPB cases conclude, they can lead to executable actions in which companies must return them to their consumers. In these cases, CFPB is also responsible for monitoring the company and ensuring that they reach the deadline, effectively implement the judgment.