In the wake of last weekend’s Tesla Takedown’s day of action at hundreds of dealerships across the country, financial officers on both sides of the political aisle weighed in on how to address Tesla’s tanking share price. New York City Comptroller Brad Lander called for accountability from Elon Musk and Tesla’s board of directors;
Congressional Republicans are showing their Big Tech true colors. Today, House Republicans will push to repeal a commonsense rule that requires payment apps like Cash App and PayPal to follow the same consumer protection rules as the payment apps the banks offer.
In an astounding first, the Trump-appointed leadership of the Consumer Financial Protection Bureau has requested that a federal court reverse a racial discrimination settlement that the agency had previously reached with Townstone Financial, a Chicago-based mortgage lender.
While Elon Musk attacks federal agencies’ ability to protect us from the worst excesses of corporate power, a little known Musk initiative sailed through the Delaware legislature this week. Delaware’s corporate law drew Musk’s ire when its well-regarded Court of Chancery sided with Tesla shareholders and tossed out his $56 billion pay package.
This week, Republicans in Congress introduced a resolution to undo a Consumer Financial Protection (CFPB) rule that prevents medical debt from capsizing people’s credit scores. More than 100 million people have medical debt and it shows up on the credit reports of 15 million people.
The Trump-appointed CFPB leadership dropped its case against digital payment app Zelle, a joint venture between Wells Fargo, JPMorgan Chase, and Bank of America, delivering a de facto pardon to the company for failing to protect its users from fraud and identity theft that cost customers more than $870 million over seven years. The move comes only a day before the Republican Senate is expected to vote on legislation to permanently weaken oversight of digital payment apps.