The Consumer Financial Protection Bureau is canceling more than $100 million in vendor contracts as part of a cost-cutting maneuver by the agency’s new leadership, potentially putting its cybersecurity efforts at risk.
The cuts come as Elon Musk’s Department of Government Efficiency pores over the CFPB’s internal finance and procurement data and while the agency is at a virtual standstill under an order from acting Director Russell Vought. Musk is currently developing his X social media platform into a payments platform.
Cybersecurity contracts and other internal management systems weren’t included on a list of “essential” contracts obtained by Bloomberg Law, ...