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“A source familiar with the current CFPB teams’ work suggested halting regulations could make Musk more successful than his competitors in the financial technology space…”

WASHINGTON, DC — Today, the Republican-led Senate is expected to vote to block implementation of a Consumer Financial Protection Bureau (CFPB) rule aimed to prevent Big Tech firms like PayPal, Venmo, Cash App, Apple Wallet, and Elon Musk’s X-Money from taking advantage of American consumers. The finalized “larger participant rule” would ensure that millions of payment app users are safe from fraud and empower the CFPB to hold Big Tech companies accountable to the same federal laws as large banks, credit unions, and other financial institutions. 

Today’s vote follows findings from Accountable.US that President Trump and Musk’s attacks against the CFPB open the door for both to further enrich themselves and their own business ventures into digital payment systems at the expense of millions of Americans. Late last year, Trump Media & Technology Group filed a trademark to create a broad financial services platform Truth.Fi. The new initiative would be subject to a separate proposed interpretative rule by the CFPB seeking to expand the definition of “funds” regulated under the Electronic Fund Transfer Act (EFTA) to digital wallets and cryptocurrency payment platforms. 

According to reporting from The Hill: 

“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.

Both companies could potentially be subject to CFPB oversight under the Republican-blocked “larger participant” rule. 

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Getting rid of the CFPB’s larger participant rule only serves Big Tech and the personal finances of Trump and Musk themselves. This is a blatant gift to industry donors and the wealthy, allowing companies like Apple, PayPal, and X-Money to avoid federal laws designed to protect consumers from fraud and abuse. Payment apps are no longer a novelty; these companies process over 13 billion transactions a year. Users deserve a safe and secure experience, but they won't get that if Republicans get their way. Today’s vote is the latest, glaring example of Trump and Republicans undermining consumer protections all in service of making things easier for big corporations and worse for everyday Americans.”

Accountable.US Executive Director Tony Carrk
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