CFPB Employees Asked To Work Remotely As HQ Shut Down For A Week
(RTTNews) - The employees of Consumer Financial Protection Bureau or CFPB were asked to work remotely as the consumer regulator's headquarters in Washington, D.C. would remain closed through February 14, reports said citing a memo.
The memo from CFPB Chief Operating Officer Adam Martinez comes as newly appointed acting CFPB director Russell Vought last week instructed its employees to suspend nearly all of its activities. These include supervising financial firms. Vought also announced that he was halting the flow of fresh funding to the agency.
On January 31, President Donald Trump had designated Secretary of the Treasury Scott Bessent as Acting Director of the CFPB.
Secretary Bessent then had stated that he was looking forward to working with the CFPB to advance the President's agenda to lower costs for the American people and accelerate economic growth.
The development comes as Elon Musk's DOGE, appointed by President Trump, is given access to CFPB data sources, including staff performance reviews.
Musk, who is touting for the deletion of the CFPB since last year, in a post on his X social media platform on Friday said, "CFPB RIP."
CFPB employees remain cautioned about the possibility of being put on administrative leave or laid off.
CNBC reported that only a few hundred workers, among the roughly 1,700 CFPB employees, have positions that are mandated by law to exist.
The regular was created following the 2008 financial crisis to prevent banks and other financial firms from exploiting the U.S. nationals.
Meanwhile, the agency has faced criticism and lawsuits from Bank trade groups for being unfair.
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