The Consumer Financial Protection Bureau’s (CFPB) leadership plans to fire nearly all its 1,700 employees and “wind down” the agency under President Trump. The plan was discussed in meetings between senior CFPB leaders and members of Elon Musk’s so-called Department of Government Efficiency. According to testimony from current CFPB employees, the mass layoff would be carried out in three phases, with only a skeleton crew remaining after 60-90 days.
The workers’ testimony comes at a crucial time for the CFPB, which was created to protect consumers after the 2008 financial crisis caused by irresponsible lending. Since DOGE operatives began their work, the bureau has shuttered its Washington headquarters and initiated layoffs, telling those who remain to stop nearly all work.
The Trump administration’s plan would leave only five CFPB employees remaining, either in a stand-alone office or folded into another regulatory body, as testified by current employees. The workers raised concerns about whether this handful of employees could fulfill the dozens of statutory requirements of the agency.
The CFPB 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. Musk’s involvement in the plan has added fuel to the controversy, with his ad hoc group wanting massive layoffs as early as February 14th.
Source: https://www.cnbc.com/2025/02/28/cfpb-leaders-and-elon-musk-doge-planned-to-fire-nearly-all-staff.html