The terminations leave a gaping hole in the oversight of financial institutions and tech firms venturing into financial technology.

Around 20 technologists at the Consumer Financial Protection Bureau were fired on Thursday evening, gutting a team that specialized in understanding Big Tech’s entrance into financial products, three sources familiar with the matter tell The Verge.

It follows an earlier round of layoffs of mostly contractors and probationary employees on Tuesday, as reported by Wired, representing the latest cuts to an agency with oversight over a field that one of Elon Musk’s companies is trying to enter. Musk, who now leads the Department of Government Efficiency (DOGE), has announced plans for his company X to enter the payments business, which is an area the CFPB oversees for potential consumer harm.

In a copy of a termination letter obtained by The Verge, the CFPB acting chief human capital officer Adam Martinez references President Donald Trump’s executive order instructing the Musk-run Department of Government Efficiency to help cull the federal workforce. Around 7 PM Eastern Time on Thursday, members of the technology team received the termination notices in their personal emails. One member of the team — who like others in this story spoke on background to candidly share their experiences — said the email didn’t come until about 20 minutes after they noticed they were locked out of Teams and Outlook on their work phone.

...read more at theverge.com