Former CFPB official warns 12 years of critical records at risk
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Trump's Office of Management and Budget Director Russell Vought is seen on Dec. 9, 2024. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images
The former chief technologist at the Consumer Financial Protection Bureau warns that 12 years of critical records could be "irretrievably lost" in the DOGE purge of the agency, per an affidavit filed in federal court Friday.
Why it matters: The stability of the financial system is at stake, claims Erie Meyer, who served as chief technologist at the agency until last week.
- The data at risk includes consumer complaints and personal information, as well as data with details about big banks and other firms, including fintechs.
- "Based on my experience and expertise," the document says, "I believe that the deletion of the CFPB's databases and contracts would cause irreversible damage, not only to the Bureau's mission but also to consumer protection and the financial system as a whole. "
The big picture: The Trump administration effectively shuttered all work last weekend at the CFPB, which is responsible for keeping Americans safe from financial fraud.
- Then the layoffs began — so-called probationary workers were fired Tuesday.
- Thursday night "term-limited" employees, those with set years of service, received emails notifying them they were let go, too.
- "Public reporting and reports that I have received from within the Bureau reliably indicate that databases holding the CFPB's data will soon be deleted," Meyer says in the filing.
Zoom in: The data at risk tracks the financial behavior of financial institutions. Without it, the CFPB couldn't respond to threats in the overall financial system, Meyer alleges.
- "This could destabilize markets, allow bad actors to exploit weaknesses in financial institutions, and undermine public trust in the financial system."
Between the lines: The CFPB houses consumer complaints about a host of companies — including DOGE boss Elon Musk's Tesla.
- All of those complaints could be at risk of disappearing, based on Meyer's allegation.
- As of Friday afternoon, they were still accessible.
What's next: More firings are expected. The CFPB employed 1,600 people in 2023.
- "Over the past 24 hours, I have learned from many well informed Bureau officials that leadership intends to fire massive numbers of Bureau staff today and into the weekend, threatening the decimation of the Bureau." per Meyer's affidavit, dated Feb. 14.
For the record: Neither the White House nor the CFPB immediately responded to Axios' requests for comment.
Editor's Note: This story has been updated with details on the CFPB data.
