The Consumer Financial Protection Bureau’s (CFPB) leadership is planning to fire nearly all 1,700 employees while gradually shutting down the agency, CNBC reported on Friday citing court filings.
An employee revealed that CFPB leaders, alongside Elon Musk’s Department of Government Efficiency (DOGE), outlined a three-phase layoff strategy. As per the plan, the first phase would target probationary and term employees, followed by a second wave cutting about 1,200 jobs. The final phase, expected within 60-90 days, would see the near-total dissolution of the Bureau.
Federal employees stated that these plans were discussed in internal meetings this month, which also saw CFPB employees told to work remotely because the headquarters in Washington was shut down.