Office of Management and Budget (OMB) acting director Russell Vought speaks with reporters during a press conference in the White House in Washington, US, 11 March 2019.
Jonathan Ernst | Reuters
Consumer Financial Protection Bureau Employees were told to work remotely on Sunday because their Washington, DC, the head office would be closed until 14 February, according to a memo obtained by CNBC.
The memo, from CFPB Chief Operating Officer Adam Martinez, follows an e-mail sent on Saturday of newly installed acting CFPB director Russell Vought, who assigned staff Suspend almost all activities of the supervisor, including supervisory financial companies.
The developments come in the midst of concern about the fate of the CFPB and his staff after agents from the Doge van Elon Musk arrived at the regulator at the end of last week. The DOGE employees have gained access to CFPB data sources, including personnel performance assessments, that people with knowledge of the situation who have asked for anonymity for fear of reprisals.
Musk, who called on the removal of the CFPB on Friday last year, posted “CFPB RIP” on his X Social Media platform.
In addition to placing a freezing of almost all CFPB activities with its inaugural memo, Vought on Saturday posted On X he stopped the flow of new financing to the desk. “This spigot, which contributes for a long time to the irresponsibility of CFPB, is now being eliminated,” Vough wrote.
Vought, who was confirmed Since President Donald Trump is the head of the management and budget office on Thursday, it is one of the authors of Project 2025, the master plan to reform the federal government.
Afraid of dismissal
CFPB employees are bracing the possibility of being placed or fired for administrative leave, similar to what Trump officials have tried With the US Agency for International Development, according to people from the agency.
Although there are around 1,700 CFPB employees, only a few hundred employees imposed positions imposed by law, according to a person with knowledge of the agency.
Massage dismissals would jeopardize the mission of the CFPB, founded in the aftermath of the 2008 financial crisis to prevent banks and other financial companies from operating Americans. Bank trade groups have long accused the CFPB of being unfair and even fought the rules of the agency before the court, even successful try to explain the agency unconstitutional.
In danger, various CFPB efforts that consumers would have saved dozens of billions of dollars, including restrictions on credit card and redstanding fees, and a rule that would have done DELETED $ 49 billion in medical accounts from the credit reports of 15 million Americans.
