U.S. Lawmakers Overturn Key Payments Regulations

The Senate has voted to repeal key regulations that granted the U.S. Consumer Financial Protection Bureau (CFPB) oversight of payment services operated by platforms such as PayPal, Google, and Apple, Fortune’s Data Sheet reported.

Originally created to focus on consumer protection, the CFPB has pursued lawsuits against digital payment services, including Block and Zelle, for alleged financial misconduct. I Photo: ajay_suresh Flickr

The largely party-line 51-47 vote on Wednesday is part of a broader effort by the Trump administration to weaken the CFPB, an agency established under the landmark Dodd-Frank financial reform of 2010.

Originally created to focus on consumer protection, the CFPB has pursued lawsuits against digital payment services, including Block and Zelle, for alleged financial misconduct.

While the repeal must still pass the House for final approval, its success in the Senate marks a significant step toward reversing the Biden-era rule, which was finalized in November.

Consumer advocates warn that rolling back these regulations could create conflicts of interest—especially given that Elon Musk’s social media platform X plans to enter the payments space later this year with "X Money."

Critics also point to Musk’s influence over the Department of Government Efficiency (DOGE), which is leading the charge to scale back the CFPB’s authority.