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CFPB to make sweeping job cuts as Trump admin refocuses agency
Fox Business ^ | Eric Revell

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 ...


TOPICS: News/Current Events
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1 posted on 04/17/2025 1:09:07 PM PDT by RoosterRedux
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To: RoosterRedux
This move discriminates against Indigenous peoples—well, one anyway (Gray Beaver).
2 posted on 04/17/2025 1:11:11 PM PDT by RoosterRedux (A person who seeks the truth with a bias will never find it. He will only confirm his bias.)
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To: RoosterRedux

Pocahontas is going to be pissed! Schadenfreude.


3 posted on 04/17/2025 1:11:37 PM PDT by wildcard_redneck ( )
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To: wildcard_redneck

Drink heap big firewater, go on warpath!


4 posted on 04/17/2025 1:19:42 PM PDT by bigbob (Yes. We ARE going back!)
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To: RoosterRedux

This is proof of institutional racism!

Lol.


5 posted on 04/17/2025 1:20:20 PM PDT by cgbg (It was not us. It was them--all along.)
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To: cgbg

Soft bigotry of low expectations and high cheekbones.


6 posted on 04/17/2025 1:50:47 PM PDT by RoosterRedux (A person who seeks the truth with a bias will never find it. He will only confirm his bias.)
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To: RoosterRedux

Lie-awatha says to her husband, “I’m gonna drink me some firewater”.


7 posted on 04/17/2025 1:55:16 PM PDT by daku
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To: daku

Gray Beaver might be the type to sit by the campfire and smoke the “loco tobacco.”


8 posted on 04/17/2025 2:02:50 PM PDT by RoosterRedux (A person who seeks the truth with a bias will never find it. He will only confirm his bias.)
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To: RoosterRedux

Perhaps they could study the phenomenon of debanking.


9 posted on 04/17/2025 2:04:37 PM PDT by The Free Engineer
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To: RoosterRedux
Shut it down completely. It was just another Democrat grift.
10 posted on 04/17/2025 2:09:31 PM PDT by Major Matt Mason (Everyone that voted Trump/R in '24 needs to show up in '26.)
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To: Major Matt Mason

It was Fauxcahontas’, grift, aka piggybank. IMO, She doesn’t seem like the type to share the wealth with anyone.


11 posted on 04/17/2025 2:32:48 PM PDT by jpp113
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