Posted on 04/17/2025 1:09:07 PM PDT by RoosterRedux
The Consumer Financial Protection Bureau (CFPB) on Thursday moved forward with sweeping layoffs at the agency as the Trump administration looks to remake the consumer enforcement agency.
A source familiar with the process told FOX Business that more than 1,500 workers at the CFPB will receive reduction-in-force notices. The layoffs are across the CFPB's core functions, including supervision of financial institutions and its enforcement arm.
Following the job cuts, the CFPB will have a little more than 200 remaining personnel to carry out the agency's regulatory activities.
The Wall Street Journal reported that on Wednesday, a letter was sent to CFPB staff from the agency's chief legal officer, Mark Paoletta, which outlined how the agency is refocusing its efforts on "tangible harm to consumers" by reallocating resources from enforcement and supervision activities that can be done by states.
The memo said the CFPB's supervision arm will reduce the number of supervisory "events" or exams by 50%, with a focus on "conciliation, correction and remediation of harms subject to consumers' complaints."
CFPB will also move its focus to primarily being on depository institutions, rather than non-depository institutions, returning to a 2012 mix when 70% of CFPB supervision was on banks and depository institutions and 30% on nonbanks. The memo said that currently that mix has "completely flipped" with over 60% on nonbanks and under 40% on banks and depository institutions.
(Excerpt) Read more at foxbusiness.com ...
Pocahontas is going to be pissed! Schadenfreude.
Drink heap big firewater, go on warpath!
This is proof of institutional racism!
Lol.
Soft bigotry of low expectations and high cheekbones.
Lie-awatha says to her husband, “I’m gonna drink me some firewater”.
Gray Beaver might be the type to sit by the campfire and smoke the “loco tobacco.”
Perhaps they could study the phenomenon of debanking.
It was Fauxcahontas’, grift, aka piggybank. IMO, She doesn’t seem like the type to share the wealth with anyone.
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