JPMorgan, Bofa, Equifax and others may get comfortable after CFPB: Maryland Senators say it will ensure the continuation of the “struggle for consumers” – Bank of America.

During the weekend, Financial Consumer Protection Office (CFPB) The operations have been unexpectedly suspended. This is followed by Diwaj Live Elon Musk A clear invitation to solve the agency in the X Publication on Saturday, where he wrote “CFPB Rip”. The decision is expected to benefit from the financial companies facing continuous enforcement procedures.

What happened: Shortly after the participation of Musk, the director of acting at CFPB, Russell vicktWho recently became the director of the USA Office of Administration and Budget, took action.

Vuight has stopped all CFPB and supervisory activities. Then the Federal Reserve had informed that CFPB would not ask for its next tour of financing, pointing to the current agency’s balance of $ 711.6 million as “excessive in the current financial environment”.

Companies that have recent enforcement procedures by CFPB

According to CFPB WebsiteIt took recent procedures for some listed companies such as Equifax inc. EFXand Honda Motor Company Hmcand Block Inc. XyzAnd others.

• The office said, in a statement dated January 17, that Equifax violated the law to report a fair credit and the Honda Motor Law American financial company Honda Folding Information Information reporting inaccurate consumer. In the release of a historian on January 16, CFPB issued an order against Jack Dorsi roadblock For its failure to provide effective customer service for the monetary application, citing the failure to provide direct phone agents.

• Capital and Finance Company COF: The office claimed that the company’s representations for the 360 ​​savings account were wrong or misleading for a period ranging from December 2020 to at least August 2024.

• Walmart Inc. WMTCFPB that Wall Mart and Branch Messenger Inc. You are involved in uncomfortable, abusive and misleading practices by asking Walmart Spark using branch accounts for payment, often without approval, and distorting the branch account features.

• Rocket Companies Inc. RKTIt is claimed that the company has violated the law of real estate settlement procedures by giving valuable things to real estate brokerage companies, including referrals, in exchange for real estate settlement work. Mortgage the missile and You live.

• The office also filed a lawsuit on December 20, 2024, against LLC early warning services.and Bank of America company Pileand Jpmorgan Chase & Co. JpmAnd Wales Vargo and Co. WFCBringing their failure to protect the Zelle network sufficiently from fraud and other weaknesses, which leads to consumer losses, which total hundreds of millions of dollars.

See also: US lenders file a joint lawsuit against consumer financing monitoring to form open drawing fees: Wells Fargo shares, JPMorgan, Citigroup in focus

Why do it concern: Tesla Inc‘s Timing The CEO of Musk, was accused of cutting out federal spending through the Ministry of Governmental efficiency, at X. mail On November 27, 2024 said, “CFPB delete. There are many repeated regulatory agencies.”

Participant founder and executive director of Coinbase Global Inc. currency Brian Armstrong Musk has supported, “CFPB is unconstitutional” and the United States has already has the Ministry of Justice to prosecute fraud.

but, Senator Chris van Holin (D-MD.) In the X Publishing, he said, “CFPB is protected by law and we will fight to ensure the continued struggle for consumers.”

also, Eric Vigil-Dingg“He was killed by the richest man on the ground and his few.”

In December 2024, financial industry groups, including American credit federationsthe Consumer Banking Associationthe American bankers Associationand Mississippi Banking Association A joint lawsuit against CFPB has been filed for drawing fees on the new base. CFPB estimated that the maximum will save consumers up to $ 5 billion annually, or $ 225 per family.

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