A new report reveals that the Department of Government Efficiency is planning to eliminate the Consumer Financial Protection Bureau.
Employees of the CFPB claim Musk’s DOGE is planning to “wind down” the independent federal agency.
A federal employee shared, “My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible.”
BREAKING: President Trump and DOGE are firing nearly all of the Consumer Financial Protection Bureau’s 1,700 employees, per CNBC. pic.twitter.com/PyXG1d3Ikk
— The Kobeissi Letter (@KobeissiLetter) February 28, 2025
Here’s what CNBC reported:
The Consumer Financial Protection Bureau’s Trump-appointed leadership plans to fire nearly all its 1,700 employees while “winding down” the agency, according to testimony from employees.
In a trove of statements released late Thursday, federal employees said that the mass layoff was discussed in meetings they attended this month with senior CFPB leaders and members of Elon Musk’s so-called Department of Government Efficiency.
ADVERTISEMENT“My team was directed to assist with terminating the vast majority of CFPB employees as quickly as possible,” said an employee identified as Alex Doe, a pseudonym used out of fear of retaliation.
Doe said the plan from CFPB leaders and DOGE was to cut the bureau’s workforce in three phases. It would first eliminate probationary and term employees, then carry out a wave of about 1,200 layoffs, leaving a skeleton crew of a few hundred workers.
“Finally, the Bureau would ‘reduce altogether’ within 60-90 days by terminating most of its remaining staff,” Doe said.
The workers’ testimony comes at a crucial time for the CFPB, the agency created to protect consumers after the 2008 financial crisis caused by irresponsible lending. Since DOGE operatives first arrived at the CFPB this month, the bureau has shuttered its Washington headquarters, initiated the first round of layoffs and told those who remain to stop nearly all work.
BREAKING: Elon Musk calls for the Consumer Financial Protection Bureau (CFPB) remaining account balance of $711,586,678.00 to be returned to the American taxpayers.
— Patrick Webb (@RealPatrickWebb) February 11, 2025
Democrats are attempting to prevent the dismantling of the CFPB and Elizabeth “Pocahontas” is crying some big crocodile tears!
Per The Hill:
This is a Guest Post from our friends over at WLTReport. View the original article here.More than 200 Democratic lawmakers in the House are submitting an amicus brief to back a lawsuit that aims to prevent the dismantling of the Consumer Financial Protection Bureau (CFPB).
Democrats contend in the brief, which was filed in the U.S. district court of Washington, that President Trump’s efforts to weaken the CFPB are inflicting “substantial and irreversible” damage on consumers. They further argued that these actions breach the law by disrupting the constitutional separation of powers.
