Reports from credible financial analysis firms or news outlets on the impact of the rule.

Elon Musk Calls for Elimination of CFPB After New Rule on Digital Payments Under Trump

Nov 27, 2024, 03:30 PM

Billionaire Elon Musk has called for the elimination of the Consumer Financial Protection Bureau (CFPB), emphasizing a renewed threat to the agency under President-elect Donald Trump. This call comes shortly after the CFPB finalized a rule aimed at increasing oversight of nonbank digital payments to combat fraud. Musk's influence in shaping tech policy is becoming evident, particularly following his participation in a call between Trump and Google CEO Sundar Pichai, which reportedly surprised Pichai. The CFPB has historically been a target for Republicans and business advocacy groups, and Musk's statements signal potential changes in regulatory approaches as the Trump administration prepares to take office.