Tag: Consumer Financial Protection Bureau (CFPB)

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President Trump’s Government Overhaul Intensifies: Mass Firings and Agency Cuts

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the staff of the Ridgewood blog

Washington DC, President Donald Trump has escalated his efforts to overhaul federal agencies, signing a new order this week that calls for sweeping reductions in force (RIFs) across multiple departments. This latest move is part of a broader initiative led by Elon Musk’s Department of Government Efficiency (DOGE), which aims to downsize the federal workforce and cut spending.

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Elon Musk Defends Government Overhaul Efforts Alongside President Trump

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the staff of the Ridgewood blog

Tech mogul Elon Musk joined President Donald Trump in the Oval Office on Tuesday to defend the work of the Department of Government Efficiency (DOGE)—a controversial initiative aimed at streamlining federal operations. Speaking from the Resolute Desk, Musk addressed concerns over the department’s efforts to dismantle federal agencies, cut government jobs, and take over payment systems within the U.S. Treasury Department.

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Federal Regulators Fine Bank of America $225 Million Over Botched Disbursement of State Unemployment Benefits at Height of Pandemic

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the staff of the Ridgewood blog

Washington DC, the Consumer Financial Protection Bureau (CFPB) fined Bank of America $100 million for botching the disbursement of state unemployment benefits at the height of the pandemic. Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud. Today’s order requires Bank of America to undertake a process that is estimated to result in hundreds of millions of dollars in redress to consumers. In a separate order, the Office of the Comptroller of the Currency (OCC) is also fining the bank $125 million.

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