The Consumer Financial Protection Bureau’s Trump-appointed leadership plans to fire nearly all its 1,700 employees while “winding down” the agency, according to testimony from employees.

The Trump administration has put the Consumer Financial Protection Bureau in “wind-down mode” despite its assurances that the agency will continue to exist, current and former CFPB officials said in court filings disputing the agency’s official statements.

Federal employees from the Consumer Financial Protection Bureau (CFPB) have raised concerns that the bureau’s Trump-appointed leadership and Elon Musk’s Department of Government Efficiency (DOGE) intend to execute massive layoffs.

The consumer watchdog has dropped one of its last cases launched before the current Trump administration, which has been accused of trying to defang the agency.

The U.S. Consumer Financial Protection Bureau on Thursday dropped a series of enforcement actions against financial services companies accused of wrongdoing under the prior administration, including a major case against Capital One for allegedly avoiding billions in interest payments.