Musk and other Silicon Valley executives have long railed against the Consumer Financial Protection Bureau for its work overseeing the tech industry. Now, Musk hopes to eliminate the agency.
The edict comes as Russell Vought takes over at the Consumer Financial Protection Bureau. Vought has ordered work to halt at the consumer finance watchdog, and is cutting off new funding.
Rohit Chopra had led the Consumer Financial Protection Bureau since 2021. Consumer groups praised his leadership, while Republicans have frequently attacked the agency.
The temporary injunction imposed by Judge Mark Pittman in the Northern District of Texas is a win for the big banks and major credit card companies. The plan was set to go into effect next week.
The Consumer Financial Protection Bureau issued a new rule Tuesday capping late fees on credit cards, a move designed to save customers an estimated $10 billion a year. Critics promised a lawsuit.
More than 50 consumer and patient groups want the Biden Administration to aggressively protect Americans from medical bills and debt collectors. The effort follows a KHN/NPR investigation.
The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.
The Consumer Financial Protection Bureau is a powerful agency policing predatory or unfair practices. Trump hobbled it. But a court ruling allows Biden to appoint a new sheriff at the bureau.
California may be on the cusp of creating a watchdog agency. Proponents say federal regulators aren't doing their job, leaving leaving millions of Americans vulnerable during the coronavirus crisis.
Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.
