On April 14, Sen. Jacky Rosen (D-Nev.) announced she is leading a joint resolution of disapproval on the Consumer Financial Protection Bureau’s (CFPB) decision to end a rule that aimed to keep sensitive data secure and to boost cybersecurity safeguards.

According to a release, the rule, one of 67 CFPB policies that have been rescinded during the present administration, encouraged financial institutions to adopt stronger safeguards, including multi-factor authentication and software updates, to help protect private information and reduce data breach risks.

“The American people deserve to know their sensitive financial information is safe from cyberattacks and data breaches,” Rosen said. “The [CFPB’s] role is exactly what the name suggests — to protect consumers from unfair practices by our financial institutions, and that includes online banking information. That’s why I’ve introduced a resolution disapproving the Trump administration’s change to CFPB policy, weakening consumer protections and data security. We have a responsibility to make sure our banks work for the American people, and not the other way around.”

In 2025, Rosen helped introduce a bill to protect consumers from scammers by restoring critical CFPB funding and rewarding whistleblowers who report wrongdoing. She also introduced legislation to crack down on price gouging by corporate investors who are driving up housing prices. 

On the same day, Sen. Elizabeth Warren (D-Mass.), ranking member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Elon Musk, owner, chairman and chief technology officer of X Corp, raising concerns about his new payments platform, X Money.

The launch of X Money in April comes just one year after Musk worked with CFPB acting Director Russell Vought to try to dismantle the CFPB — the agency that is responsible for policing consumer financial projects like X Money.

In the letter, Warren emphasized that the new platform raises significant consumer, financial stability and national security concerns that require immediate Congressional attention.

“Since acquiring Twitter and re-branding it ‘X,’ you have made clear that you intend to build an ‘everything app’ that ‘will add comprehensive communications and the ability to conduct your entire financial world,’” Warren wrote in her letter to Musk. “You have repeatedly identified financial services as a key part of that plan. In 2023, you said that ‘it’s possible (for X) to become the biggest financial institution in the world’ and that ‘I’m talking about, like, you won’t need a bank account.’ Over the course of the last several years, X has acquired 40 state money transmitter licenses ahead of the launch of X Money.”

In her letter, Warren noted that — based on screenshots of the app and descriptions Musk retweeted — X Money may partner with Cross River Bank to offer some banking products and service. Cross River Bank was subject to an enforcement action by the FDIC [Federal Deposit Insurance Corporation] in 2023 for unsafe and unsound practices related to fair lending. The bank was a repeat offender, as it had been subject to a previous FDIC enforcement action in 2018 for unfair and deceptive practices, she added.

Warren also raised alarm over X’s record of allowing sanctioned individuals to purchase verified accounts and raise funds on the platform, as well as systemic failures to address data privacy violations and widespread fraud by verified users.

Warren requested that Musk answer the following questions about his plans for the launch of X Money and the risks the product may pose to consumers, financial stability and national security, by April 21:

• What is the launch date for X Money and what products and services will it offer?
• Does X Money intend to offer 6 percent average percentage yield on deposits? If so, how does it intend to generate revenue sufficient to pay that yield?
• Will Cross River Bank serve as X Money’s bank partner?
• How will X Money clearly disclose to consumers that FDIC deposit insurance would not protect them against the failure of X Money?
• What controls does X Money have in place to prevent scams and frauds?
• Does X Money intend to surveil and monetize consumer transaction data?
• What other products and services does X plan to offer in the next five years in its effort to become an “everything app?”
• At the CFPB, did any Department of Government Efficiency employee access confidential supervisory information regarding competitors to X Money?