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WASHINGTON, DC — Today, the Republican-led House is expected to vote against the Consumer Financial Protection Bureau’s (CFPB) “larger participant rule,” opening the door for Big Tech firms like PayPal, Venmo, Cash App, Apple Wallet, and Elon Musk’s X-Money to take advantage of consumers. The likely decision puts the millions of Americans who use digital payments systems at risk of fraud by blocking the CFPB from holding Big Tech companies accountable to the same federal laws as large banks, credit unions, and other financial institutions. 

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Big Tech firms like PayPal, Venmo, and X-Money process over 13 billion transactions a year, with millions of Americans relying on them for safe, and secure payments. Blocking the CFPB’s rule allows them to avoid federal laws and creates a blindspot for rampant financial abuse and fraud. Elon Musk should thank House Republicans for the big payday and free pass they’re handing out.”

Accountable.US Executive Director Tony Carrk

Damning details from the Hill revealed earlier this year that the Trump administration’s attacks on the Consumer Financial Protection Bureau (CFPB) makes it possible for Trump and his allies to enrich themselves and their own business ventures into digital payment systems at the expense of millions of Americans. Per the Hill: 

“Under Biden-era Director Rohit Chopra, the CFPB finalized a rule in November that brought nonbanks offering digital payment apps under its supervision, giving the agency greater authority to oversee companies like Apple, Google, PayPal and Venmo… It also opened up comments on a proposed rule in early January about implementing the Electronic Fund Transfer Act, which aims to protect consumers against errors and fraud from digital payment mechanisms. The rule sought to apply the law to cryptocurrencies and stablecoins…”

“Trump’s social media company, Trump Media & Technology Group, could [also] benefit from fewer regulations after it has moved toward entering the payment space.

“The watchdog group, Accountable.US, argued in a report obtained by The Hill that the CFPB’s January rule on the Electronic Fund Transfer Act would have impacted Trump Media’s Truth.Fi and that both Trump and Musk can dodge scrutiny of their payments systems with a CFPB takeover.”

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