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The CFPB Work Freeze Is Putting Big Tech Regulations ‘On Ice’
The "cease work" order at the Consumer Financial Protection Bureau won’t just affect lawsuits and enforcement actions. It will stall regulation that could govern tech companies like Apple and Google.
According to Obama, the CFPD would “crack down on the abusive practices of unscrupulous mortgage lenders, reinforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren’t unwittingly caught by overdraft fees when they sign up for a checking account.” By December 2024, the agency has relieved debts and repaid defrauded consumers to the tune of more than $19 billion, according to CFPB’s website. With Donald Trump back in the White House, and Elon Musk’s DOGE pushing a broader agenda to slash spending that could ultimately eliminate entire agencies, the CFPB’s future looks increasingly uncertain. A day later, it sued the operator of Cash App for $175 million alleging the company didn’t adequately process a number of customer complaints about unauthorized payments, and claimed that this allowed them to be defrauded out of huge amounts of money.
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