The Consumer Financial Protection Bureau (CFPB) has begun terminating nearly 90% of its workforce, reflecting President Trump's strategy to dismantle the agency. Originally established in 2011 to shield consumers from financial crises, the CFPB has enforced laws against unethical practices by major financial institutions and recovered billions for consumers. The drastic cuts are part of a restructuring by acting director Russell Vought, aimed at reshaping the agency's operations. This move has raised concerns about the future efficacy of consumer protection mechanisms that guard against predatory lending and other financial malpractices.
The Consumer Financial Protection Bureau has terminated around 90% of its staff, part of Trump's initiative to restructure federal agencies addressing consumer protection.
The CFPB, created to prevent financial crises, has been instrumental in returning billions to consumers and enforcing regulations against predatory lending.
In a termination notice, CFPB acting director Russell Vought stated that drastic personnel changes are necessary to align the Bureau's operations with new priorities.
This significant workforce reduction has sparked concerns over the future of consumer protection in the U.S., given the agency's past achievements in safeguarding financial interests.
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