Consumer Financial Protection Bureau Faces Mass Layoffs, Union and Advocates Take Legal Action

Benzinga

Consumer Financial Protection Bureau laid off 70 to 100 term employees Thursday after terminating over 70 probationary employees earlier in the week. The layoffs were attributed to an executive order under the Department of Government Efficiency Workforce Optimization Initiative. The National Treasury Employees Union and consumer advocacy groups have filed a lawsuit against CFPB acting director Russell Vought. The plaintiffs allege that planned layoffs of over 95% of CFPB employees would prevent the agency from fulfilling its legal obligations.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Consumer Financial Protection Bureau laid off 70 to 100 employees Thursday after terminating over

00:0670 probationary employees earlier in the week. The layoffs were attributed to an executive order

00:11under the Department of Government Efficiency Workforce Optimization Initiative. The National

00:14Treasury Employees Union and consumer advocacy groups have filed a lawsuit against the CFPB,

00:19Director Russell Vaught. The plaintiffs allege that the planned layoff of over 95%

00:23of CFPB employees would prevent the agency from fulfilling its legal obligations.

00:28For all things money, visit Benzinga.com slash GSTV.

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