The Consumer Financial Protection Bureau (CFPB) laid off between 70 to 100 term employees recently, following an earlier reduction of around 73 personnel. The terminations stemmed from an Executive Order aimed at workforce optimization. Insiders express that continued staff cuts threaten the agency's ability to meet its responsibilities, which are critical to consumer financial protection. Legal challenges have emerged against these layoffs, with unions and advocacy groups warning that mass terminations may cripple the agency's functionality, diminishing its role established since the 2008 financial crisis.
"The termination letters said the staffers' employment was terminated due to Executive Order Implementing The President's 'Department of Government Efficiency' Workforce Optimization Initiative".
"Many inside the bureau, as well as outside consumer advocates, say it will be impossible to carry out the bureau's statutory obligations if the staff size is significantly reduced."
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