“Shocking Allegations: Former CFPB Chief Technology Officer Claims Agency Plans to Delete Crucial Data Set” | PYMNTS.com

Erie Meyer, who used to work as Chief Technologist at the Consumer Financial Protection Bureau (CFPB), claims in a legal filing that officials from the Trump administration plan to delete important databases containing agency data.

Meyer stated that this data consists of vital compliance and enforcement records, according to a report from Bloomberg on February 14.

In his court declaration, Meyer expressed concern: “Reports I have received from within the Bureau indicate that databases holding the CFPB’s data will soon be deleted. If that happens, it would mean an immediate and irrevocable loss of data essential to the agency’s mission.”

On February 9, the CFPB’s supervisory and examination activities were paused when Russell Vought, head of the Office of Management and Budget, instructed staff not to come into the office or carry out any work.

Vought also announced that he would cut off funding for the CFPB, stating on X that the agency wouldn’t take its next funding draw because it wasn’t necessary for its tasks.

On February 13, reports emerged that the CFPB sent termination notices to many temporary employees whose contracts were nearing their end. Some probationary workers also lost their jobs after starting new positions on February 11.

This unexpected halt in operations left the financial services industry uncertain about what to expect next, as reported by PYMNTS on February 10.

During a discussion with PYMNTS CEO Karen Webster, former Obama administration assistant treasury secretary Amias Gerety noted, “If nobody’s home, financial services companies are just making their best guess.”

Gerety advised FinTech firms to stick to their existing compliance policies and procedures: “Do not change your policies. Do not change your procedures.” He emphasized that the risk of noncompliance remains high, as state enforcement continues independently of federal actions. Moreover, legal time limits for potential violations extend beyond political changes, which could lead to future risks.