WASHINGTON (AP) — President is drastically shrinking the size and the mission of the Consumer Financial Protection Bureau, the latest step in an extraordinary .
Roughly 1,500 employees will be cut from the CFPB, leaving around 200 people, according to an administration official who wasn’t authorized to disclose the figure publicly and spoke on condition of anonymity. Fox Business first reported the number of layoffs.
Employees started receiving layoff notices on Thursday. Their access to agency systems, including email, ends on Friday evening.
“The Consumer Financial Protection Bureau identified your position being eliminated and your employment is subject to termination in accordance with reduction-in-force (RIF) procedures,” the emails said.
The CFPB was created after the 2008 financial crisis and subprime mortgage-lending scandal. The CFPB has been of Elon Musk and his Department of Government Efficiency. Russell Vought, who runs the Office of Management and Budget, ordered the agency to in February.
Mark Paoletta, the chief legal officer for the agency, sent a message to employees on Wednesday describing a reduced mission.
“To focus on tangible harms to consumers, the Bureau will shift resources away from enforcement and supervision that can be done by the States,” he wrote.
Problems with mortgages will be the top priority, while issues involving medical debt, student loans and digital payments will receive less attention, according to Paoletta.
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