CFPB is at War with Marc and Elon

(12/1) Venture capitalist Marc Andreessen criticized the CFPB on the Joe Rogan Experience, claiming the agency "terrorizes" fintech and crypto to shield big banks. Andreessen tied this to the growing "debanking" debate, alleging CFPB policies discourage innovation and stifle competition in financial services. While his arguments resonated in pro-crypto circles, critics pointed out factual errors, including misrepresentations of the CFPB’s role and regulation. Andreessen also failed to address how his firm, a16z, and its portfolio companies could benefit from weaker oversight. [Fintech Business Weekly]

(11/27) Elon Musk stirred controversy by calling for the elimination of the CFPB, echoing venture capitalist Marc Andreeson’s criticism of the agency as "duplicative." While Musk’s new role in the "Department of Government Efficiency" could influence discussions, experts note that abolishing the CFPB would require congressional action, a tough sell given bipartisan resistance. The CFPB, created under the Dodd-Frank Act, recently survived a Supreme Court challenge and continues to enforce consumer protections, much to the frustration of conservatives. [American Banker]

(12/3) The CFPB proposed a new rule to curb data brokers from selling Americans' sensitive personal and financial data to scammers, stalkers, and foreign entities. This rule would classify brokers selling financial details, like income or credit history, as consumer reporting agencies under the FCRA, requiring accuracy, consumer access, and safeguards. CFPB Director Rohit Chopra emphasized its importance for national security and personal safety, targeting issues like identity theft, stalking, and espionage risks. The proposal follows government-wide efforts to enhance data protection against misuse by hostile nations and criminals. [CFPB]

(12/2) The CFPB is ramping up audits of mortgage brokerages amid their growing market share, focusing on loan officer compensation, fair lending practices, and claims of steering borrowers toward lenders offering higher broker payouts. Industry heavyweights like NEXA Mortgage and Loan Factory are under scrutiny, but smaller firms may also face audits if they employ 250+ loan officers. Experts warn that even with possible CFPB changes under a Trump administration, brokers must prioritize compliance over expecting deregulation to solve their challenges. [HousingWire]

(11/27) The Fifth Circuit Court of Appeals sets March 30, 2025, as the effective date for the CFPB’s payday lending rule following Supreme Court confirmation of the CFPB's funding mechanism. [Ballard Spahr LLP] (Learn more about the rule here)

(12/4) Greg Isenberg envisions a future where startups ditch traditional marketing teams for 24/7 AI agents. He details a scenario where growth becomes “systematic,” with AI-powered agents managing everything from meme-based audience testing to SEO and personalized email campaigns—all at a fraction of current costs. The pitch? A solo founder with a $2K agent stack can rival a $2M team. “Game on,” he says, as the AI revolution in startup growth already begins to unfold. [LinkedIn]

(12/2) Finfare Inc. celebrated its three-year anniversary with a brand refresh, signaling its rapid growth and commitment to transforming personal and business finances. The Irvine- and London-based fintech, known for products like Finfare Money and Finfare Connect, has tripled in size over the past 18 months. Alongside a new logo and visual identity emphasizing "growth, empowerment, and transparency," Finfare earned accolades, including LinkedIn’s Top Startups 2024 in Los Angeles and AWIN’s Global Power 100. CEO Wayne Lin highlighted the company's focus on simplifying financial experiences as it gears up for future expansion. [Fintech Fiance News]

(11/29) XTM Inc. posted strong Q3 2024 results with 29% YoY revenue growth to $6.4 million and a 23% jump in platform GDV to $592 million. The fintech, known for its AnyDay™ platform offering earned wage access via a free app and debit card, also improved its net loss per share to $0.02. Key moves included appointing CFO Jakob Ripshtein, launching the PayNow app for U.S. temp workers, and partnering with KOHO Financial to enhance services for 100,000+ users. [Business Wire]

(11/26) Cardless, a fintech leader in co-branded credit card solutions, secured $30 million in funding led by Activant Capital, bringing total equity funding to over $90 million. Known for partnerships with global giants like Qatar Airways and Alibaba, Cardless has achieved a "5x ARR increase" and doubled its cardholder base in just six months. The funds will fuel talent growth, product innovation, and expansion into retail and SMB sectors, further solidifying its status as the only fintech powering co-brand cards on Visa, Mastercard, and Amex. [PRNewswire]

(11/26) Kastle took top honors at LendingTree’s 2024 Innovation Challenge with its groundbreaking AI Voice technology, designed to revolutionize the mortgage industry. The San Francisco-based company wowed attendees at the LendingTree Lender Summit with a live demo of AI-driven customer interactions, showcasing its ability to enhance borrower experiences while cutting costs and streamlining operations. CEO Rishi Choudhary emphasized Kastle’s commitment to expanding AI solutions across loan production and servicing. [PR Newswire]

(12/2) AJ Elliott, co-founder and CEO of Dicer.ai, shares how the AI-powered marketing platform is transforming advertising. The platform uses AI to analyze campaigns, create tailored ad content, and optimize budgets and targeting for better ROI. It focuses on empowering marketers with tools to streamline workflows and improve campaign results. This discussion highlights the future of marketing and how AI is helping businesses achieve measurable growth. [The Angel and The Accelerator with Michael Conniff]

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Webinar Series: The Impact of the Election on the CFPB
Get ready for a three-part webinar series diving into how the upcoming CFPB leadership changes under President-elect Trump may reshape the agency. Kicking off on December 16, 2024, the sessions will cover regulations, supervision, enforcement, and state attorney general initiatives. Featured speakers include former CFPB heavyweights David Silberman and Kathy Kraninger, plus insights from a Democratic state attorney general. Mark your calendars for January 6 and 8, 2025, to catch the full series at 12:00 PM ET. [Ballard Spahr]

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