@Nonilex interestingly despite the more or less wholesale dismantling of the #CFPB, they did finally see fit to intervene in the #Synapse bankruptcy where ~$90 million of customer money went missing because of #EvolveBank's shenanigans (also famous as the bank of #FTX and #GeorgeSantos's campaign)
#CFPB
The increased consumer costs from the CFPB's rollback of #regulations on #BankFees, wholesale dismissal of cases against #banks & other #lenders & the failure to disburse funds for harmed #borrowers run counter to Trump's pledges to ease the cost of living, acc/to #Student Borrower Protection Center & #Consumer Federation of America.
Since #Trump took control of the #CFPB in Feb, calling for its elimination, admin ofcls have sought to reduce the workforce by about 90% & curtail its oversight.
#Trump's #CFPB rollback has cost Americans $18 billion, #consumer groups say
Trump's rapid pullback of the US Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher #fees & lost #compensation for consumers allegedly cheated by major companies, according to an analysis released Tuesday by two organizations.
The Consumer Financial Protection Bureau (CFPB) has canceled plans to introduce new rules to ensure that data brokers obtain Americans’ consent before selling or sharing sensitive personal information, including financial data such as income, credit history and Social Security numbers.
Data brokers create extensive profiles on nearly every American, including sensitive data such as precise location history, political affiliations, and financial data - often without individuals’ knowledge or consent. This information is frequently resold for purposes ranging from marketing to law enforcement surveillance.
“Foreign and malign actors with access to these datasets could uncover information about high-level targets, such as military service members, that could be used for coercion, reputational damage, and blackmail,”.
https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/ #Privacy #PPI #PersonalData #Databrokers #CFPB #ConsumerProtection #DataPrivacy
CFPB issues "technical correction" halving the estimated number of 'credit invisible" consumers.
https://www.consumerfinance.gov/data-research/research-reports/technical-correction-and-update-to-the-cfpbs-credit-invisibles-estimate/
#cfpb #consumerprotection
The Senate parliamentarian has ruled out two provisions in the Republican budget bill that would have effectively shuttered the Consumer Financial Protection Bureau and the Public Company Accounting Oversight Board: https://prospect.org/politics/2025-06-20-elimination-cfpb-financial-agencies-tossed-senate-byrd-rule/
#politics #USPol #legislation #USCongress #USSenate #budget #CFPB
CFPB enforcement lead resigns, slams agency's direction. What does this mean for consumer protection? #CFPB #regulation
https://ndpost.org/world-economy/cfpb-enforcement-chief-resigns-citing-attack-on-agencys-mission/
Високопоставлений посадовець Бюро фінансового захисту споживачів США (CFPB) звільнився, надіславши вкрай критичний лист. Дізнайтеся подробиці скандалу та його потенційні наслідки для американського фінансового регулятора. #CFPB #США #Відставка #ФінансовийРегулятор
Детальніше: https://newsua.us/node/8749
The CFPB issued a notice of proposed rulemaking to withdraw its recently enacted regulations establishing a "repeat offenders registry." The comment period ends on June 13, 2025. Only two comments have been filed. https://www.regulations.gov/document/CFPB-2025-0011-0001/comment
#lawfedi #ConsumerProtection #CFPB
"#Musk immediately attacked USAID, which accounts for all of one half of one percent of the budget, and is tasked with providing the impoverished with food and water and services like HIV prevention. But USAID was investigating Starlink, and so it was gutted. He went after the Consumer Financial Protection Bureau, which exists only to protect consumers from predatory financial institutions and has returned $21 billion to those who’ve been defrauded. But the CFPB was fielding over 300 complains about Tesla and would’ve had oversight into X’s payment processing, and so it was gutted. In fact, every single agency that Elon went after - #USAID, #CFPB, #DOL, #NLRB, #EPA, #DOT, #USDA - just so happened to be performing oversight into him or #SpaceX or #Starlink or #Tesla. And all of those agencies paid the price."
https://plus.briantylercohen.com/p/elon-leaves-with-reputation-in-tatters
This article should have been titled Deregulation - Trump’s financial watchdogs promise a revolution. The regulatory pendulum swings violently #SEC #federalreserve #OCC #CFPB #CFTC #Crypto #gao #oversight #audits #regulations #congress #law Eeconomy #financialsystem #financialstability #pensions #fiduciary
The Economist no paywall https://archive.is/fZuMl#selection-1127.0-1131.40
Via #LLRX @psuPete Recommends – Weekly highlights on cyber security issues, 5/24/25. 5 highlights: Judge Just Cracked Open Can of Worms #AI Firms Were Hoping to Avoid; How to Shield Yourself From #SocialMedia Abuse; AI #hallucinations & their risk to #cybersecurity ops; #CFPB is withdrawing its Notice of Proposed Rule: Protecting Americans from Harmful #Data Broker Practices; Philadelphia woman spends months fixing #SocialSecurity error that declared her dead. https://www.llrx.com/2025/05/pete-recommends-weekly-highlights-on-cyber-security-issues-may-24-2025/ #privacy
CFPB Quietly Kills Rule to Shield Americans From Data Brokers
https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/
#cybersecurity #privacy #surveillance #databrokers #FCRA #CFPB
CFPB now taking comments about the consumer complaint database, about: "(a) Whether the collection of information is necessary . . ." and "(c) Ways to enhance the quality, utility, and clarity of the information to be collected . . ." Comments are due 07/21/2025 at 11:59 pm EST
#CFPB Quietly Kills Rule to Shield #Americans From #DataBrokers
https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/
#consumers #customers #privacy #capitalism
@molly0xfff Pro Tip: Assume a >90% chance that every #CEO or #Corporate #Flunky calling for the end of #CFPB is a #shady fuck doing #crimes.
CFPB Quietly Kills Rule to Shield Americans From Data Brokers
Russell Vought, acting director of the Consumer Financial Protection Bureau, has canceled plans to more tightly regulate the sale of Americans’ sensitive personal data.
https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/
#news #tech #technology #security #privacy #databrokers #cfpb
White House scraps plan to block data brokers from selling Americans’ sensitive data
A senior Trump administration official has scrapped a plan that would have blocked data brokers from selling Americans’ personal and financial information, including Social Security numbers.
#data #bigdata #infosec #databrokers #privacy #socialsecurity #technology #tech #trumpadministration #CFPB
"The agency that Congress created after the last FIN crisis to help prevent another FIN crisis is🚨currently completely handcuffed from working *at verge of another major FIN crisis -it’s terrifying.
The one thing we were created to do we can’t do -at a time when we’re most needed -I think the goal is to try & close the agency before Vought’s time is up as acting dir-."
Trump officials tried to axe ~1,500 of the #CFPB’s 1,700 WKRs last mo *blocked by a fed judge.
#USPol
https://www.theguardian.com/us-news/2025/may/19/trump-consumer-financial-protection-bureau
more This-is-the-Bad-Place vibes https://www.wired.com/story/cfpb-quietly-kills-rule-to-shield-americans-from-data-brokers/ #cfpb #databrokers
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