The Senate has voted to overturn key regulations that granted the Consumer Financial Protection Bureau supervision over payment services operated by platforms such as PayPal, Google, and Apple, according to Fortune.
While the legislation must still go through the House for a vote, its passage in the Senate is a key step towards reversing the Biden-era rule, which was finalized in November. It’s a key win for trade groups representing Silicon Valley, which have long criticized the CFPB, alleging the agency had overstepped by establishing its own regulatory authority over digital payment apps like Venmo and Apple Pay.
Consumer protection advocates have raised concerns about a major conflict of interest involving any rollback. Elon Musk’s social media platform X plans to enter the payments space later this year, while Musk, through the Department of Government Efficiency, is overseeing the campaign to gut the CFPB.
“Senate Republicans voted to give Elon Musk and Big Tech the ability to operate payment apps without any meaningful oversight or accountability,” the nonprofit Americans for Financial Reform said in a statement.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
