1. United States
2. Iowa
3. Letter

The Senate is poised to vote on a concerning resolution that would weaken crucial fraud and privacy protections for popular digital payment apps and wallets used by millions. This resolution would overturn a rule giving the Consumer Financial Protection Bureau (CFPB) authority to examine big tech payment companies, just as it oversees banks, to ensure compliance with laws safeguarding sensitive financial data and consumer rights like disputing unauthorized charges. Stripping this oversight leaves users vulnerable to fraud, privacy violations, and loss of vast sums transferred via these apps with no recourse. Simultaneously, the CFPB has dropped its lawsuit against Zelle and major banks over their failure to protect consumers from widespread fraud on the peer-to-peer payment platform, where hundreds of thousands lost over $870 million. This abandons those consumers and gives a free pass to the banks that ignored their complaints. We cannot allow such actions that benefit corporations at the expense of consumer safety and rights. Robust CFPB supervision is vital to prevent abuse and hold payment apps accountable, especially as new platforms like Elon Musk's X Money emerge. Senators must uphold the CFPB's fraud and privacy rule to safeguard users' funds and data across digital payment systems. Voting against this resolution preserves critical protections for all consumers, including vulnerable groups like servicemembers who rely heavily on these technologies.