The Trump administration is implementing major staff cuts at the Consumer Financial Protection Bureau (CFPB), letting nearly 90% of its staff go as part of a larger initiative to scale back the agency’s role in monitoring consumer financial protections.
What Happened: More than 1,500 CFPB employees are being sent reduction-in-force notices, bringing the agency’s workforce down to just over 200, according to a Fox Business report.
The layoffs cover core operations, including supervision and enforcement roles. Internal communications obtained by The Wall Street Journal show a noticeable reduction in supervisory exams and a shift back to oversight of traditional banks and credit unions.
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