3 sources·Politics

CFPB Leadership Plans Major Layoffs, Potential Agency Closure

The CFPB's leadership, appointed by Trump, intends to lay off most employees amidst claims of agency wind-down, prompting legal actions from staff.

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The bureau has long been a target of Republicans and financial institutions, who have called it a rogue agency that exceeded its legal authority in punishing companies.
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It’s unclear what impact her group is having on ICE operations in the area.
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The filings were made in the case started by a CFPB union that suspended acting Director Russell Vought’s moves to shutter the bureau.
Trump administration and Musk's DOGE plan to fire nearly all CFPB staff and wind down agency, employees say
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Updated: Feb 28th, 2025, 4:38 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

The Consumer Financial Protection Bureau is reportedly planning significant layoffs, potentially reducing its staff from 1,700 to as few as five, based on testimonies from employees. Statements suggest a systematic wind-down in collaboration with members of Elon Musk’s Department of Government Efficiency. While acting Director Russell Vought claimed to aim for a streamlined agency, employees fear for their jobs as layoffs have commenced, which contradicts their legal obligations around consumer protection. A union's legal challenge has temporarily halted some of these actions, highlighting tensions within the bureau amid political and operational uncertainty.

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There are significant changes planned for the Consumer Financial Protection Bureau (CFPB), which include mass layoffs and potential elimination of the agency, as testified by employees.
Concerns have been raised about the impact of these layoffs on the agency's ability to protect consumers, with current employees fighting for their right to fulfill their statutory obligations.
The leadership's statements about maintaining a streamlined bureau contrast with actions that suggest a complete wind-down of operations.

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