Ancient Consumer financial protection office (CFPB) Chief technologist Erie Meyer allegedly claimed in a legal file that Trump administration officials should delete databases with agency data.
In a declaration filed with the American district court of the Columbia district, Meyer said that the data included compliance and application files, Bloomberg reported Friday February 14).
“The reports I have received from the office reliably indicate that the databases holding CFPB data will soon be deleted,” said Meyer in the report, according to the report. “If this happens, this would lead to the immediate and irrevocable loss of data essential to the basic mission of the agency.”
CFPB Supervision and examination activities were arrested on Sunday (February 9) when Russell VoughtHead of the management and budget office, sent an e-mail to CFPB staff saying that they should not come to the office and should not do work.
Vought also said that he would turn off the agency fundingWriting on X that he had informed the federal reserve that the agency would not take its next draw for appropriate financing because it was not necessary to fulfill its functions.
It was reported Thursday, February 13, that the CFPB had sent Termination notice For dozens of “long -term employees” who have contracts with end dates, after having dismissed certain probation employees who were in a trial period after starting a new position on Tuesday, February 11).
The suspension of the work by the CFPB left the financial services The industry wondering what to do then, reported Pymnts on Monday (February 10).
“If no one is, you have financial services entities that simply try to make their best assumption”, the former deputy secretary of the Obama administration to the Treasury Amias Gerety said on Monday during his weekly discussion with the CEO of Pymnts, Karen Webster.
For the Fintechs navigating with this uncertainty, the Gerety council was to maintain current compliance policies and procedures. “Do not change your policies. Do not change your procedures, “he said.
The risk of non-compliance remains significant, such as the authorities of the application of states and private rights of action continue independently of the federal application, said Gerety. In addition, the limitation period extends beyond political cycles, creating potential future responsibility.