The recent termination of approximately 20 technologists at the Consumer Financial Protection Bureau (CFPB) severely hampers the agency's ability to oversee financial institutions and tech companies entering the financial technology space. This move comes amid a broader trend of layoffs at the CFPB, including earlier cuts to contractors. Notably, these changes occur as Elon Musk’s company, X, aims to enter the payments business, an area under the CFPB's jurisdiction. The dismissals are linked to directives following President Trump's executive order regarding federal workforce reductions.
"We can't investigate firms or supervise firms if we don't understand the technology we're investigating."
"The people on this team were the kind of senior people - sometimes at Big Tech firms, sometimes at premier universities - that hiring teams fight tooth and nail over."
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