Trump administration, Musk’s DOGE plan to fire nearly all CFPB staff and wind down agency, employees say
Published On Feb 28, 2025, 9:31 AM
The Consumer Financial Protection Bureau (CFPB) is reportedly planning to lay off nearly all of its 1,700 employees as part of a broader strategy to wind down the agency. This action is linked to a project led by the Trump administration and Elon Musk's team, which aims to significantly reduce the size of the CFPB. Employees indicated that the plan involves phased layoffs, ultimately reducing CFPB to just five employees. The drastic changes occur amidst calls from financial institutions and political figures who have criticized the CFPB's operations.
Stock Forecasts
XLF
Positive
The potential wind down of the CFPB could lead to increased regulatory uncertainty in the financial sector. Companies that may have benefited from the CFPB's oversight could see stock prices rally, as deregulation may be perceived positively. Conversely, firms banking heavily on the goodwill of regulatory stances might face short-term volatility.
Related News
How Consumers Can Protect Themselves With the CFPB on Pause
Feb 28, 2025, 9:00 AM
Rules on bank and credit card fees, medical debt and payment apps are in limbo. One thing you can do is carefully check your financial statements, one expert says.
More traders turn bullish in first quarter even as market shows signs of fatigue, Schwab survey says
Feb 25, 2025, 2:12 PM
The bulls continue to outnumber the bears among traders 51% to 34%, even though two-thirds of respondents said the market is overvalued, per Schwab's survey.
Wall Street Is Getting Antsy With Trump
Feb 22, 2025, 5:00 AM
The contrasting reactions between the overflow and V.I.P. areas at a Trump event encapsulated the finance world’s worries about the new administration’s first month.