The CFPB announces radical job reductions: up to 90% away
This step is the last in the newest action of the Trump in cleaning the house when it comes to government agencies and their respective employees.
The dismissals come after an e -mail has been sent to CFPB staff on Wednesday, which placed Wall Street Journal’s Witte Huis Economic Policy Reporter Brian Schwartz on the social media platform X. In the e -mail, CFPB Chief Legal Officer Mark Paoletta outlined the new focus of the agency and noted that it would shift his attention from supervisory roles and “tangible damage to the consumer”.
The document provides an overview of medical debt, student loans, consumer data and digital payments such as topics that the CFPB will “de depetiorize”. Problems with mortgages are the top priority of the agency.
According to the Associated PressThe access from employees to agency systems, including e -mail, ends on Friday evening.
“The Bureau for Financial Protection of the Consumer has identified your position and your employment is subject to termination in accordance with the procedures for reduction-in-force (RIF),” said the e-mails.
The CFPB, established after the financial crisis of 2008 and the brainchild of Senator Elizabeth Warren, has had to deal with criticism from the Trump government, as well as some in Silicon Valley and on Wall Street, who claim that it exceeds its regulatory authority.
The dismissals follow a controversial period at the desk. In February, acting CFPB director Russell Vought personnel drew up to stop all work “unless explicitly approved by the acting director or legally required.” At the beginning of March, CFPB employees were told that they had to continue to work on ‘legally required work’.
The CFPB did not respond to Housingwire’s request to comment at the time of publication.
