From CNBC: 2025-02-25 17:47:03

Democratic lawmakers, led by Sen. Elizabeth Warren, held a forum criticizing Trump administration and Elon Musk’s actions against the Consumer Financial Protection Bureau. Musk’s plan to launch a digital payments service was called into question. Former CFPB head highlighted the sensitive data the agency holds on tech and payments companies.

The lawmakers at the forum expressed concerns about Musk potentially dismantling the CFPB to benefit his own financial interests. The agency holds confidential data on various companies and consumer complaints. A federal judge has temporarily halted Musk and acting CFPB Director Vought’s efforts to fire employees and purge bureau data.

Sen. Amy Klobuchar rhetorically asked Musk how he justifies shutting down the agency overseeing financial issues he stands to profit from. Former CFPB supervision director Salas detailed the sensitive trade secret information the agency holds on payment services and lenders. The CFPB has taken steps to supervise tech giants and sued Zelle operator and major U.S. banks for fraud.

With the CFPB in limbo, Warren emphasized that only Congress can shut down the agency. Advocates are in court fighting to enforce the law and prevent Musk and Vought from further undermining the watchdog. The future of the CFPB remains uncertain as legal battles continue to unfold.

Read more: Democrat senators question what Elon Musk plans to do with CFPB data