The Trump-appointed leadership of the Consumer Financial Protection Bureau is planning to lay off nearly all of its 1,700 employees while “winding down” the agency, according to testimony from employees. The plan is to cut the bureau’s workforce in three phases, eliminating probationary and term employees first, then laying off about 1,200 workers, leaving only a few hundred staff members. Ultimately, the goal is to reduce the staff to just five employees, either in a separate office or folded into another regulatory body. The layoffs come at a crucial time for the CFPB, established after the 2008 financial crisis, with employees expressing concerns about the agency’s ability to protect consumers if severely understaffed. The plan to dismantle the CFPB was revealed in meetings with senior executives, with workers also alleging that leadership had been dishonest about their intentions. The situation has led to a legal battle, with employees prepared to provide their names and titles under seal if required by the court. Despite claims from acting Director Russell Vought that the CFPB would continue to exist, employees fear that the agency is being purposely dismantled. The documents reflect a disconnect between public messaging and the actual activities taking place at the bureau.
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