1. United States
2. Calif.
3. Letter

The CFPB was dismantled over the weekend, with all activities suspended, its funding reduced to zero, and its headquarters temporarily closed—removing a crucial layer of oversight for consumer-facing financial companies. Staff members were ordered to cease all ‘supervision and examination activities.’ We want to warn of a conflict of interest involving Elon Musk. Musk has gained access to the agency’s computer systems, raising concerns about how his pending business ventures and their competitors may now be regulated. Musk is developing a payment app in partnership with Visa. Additionally, his staff has connected external hard drives to CFPB systems, raising serious concerns about unauthorized access to trade secrets from enforcement actions involving companies that compete with his future ventures.