The Trump administration has initiated layoffs at the Consumer Financial Protection Bureau (CFPB) to realign its priorities, emphasizing consumer harm over previous supervisory roles. Staff were informed via an email from the CFPB chief legal officer about the agency's shift in focus and deprioritization of issues like medical debt and student loans, with mortgage problems becoming the top priority. This move follows prior tensions within the agency and criticism over its regulatory reach since its establishment after the 2008 financial crisis.
This move is the latest in the Trump administrations latest action in cleaning house when it comes to government agencies and their respective employees.
The layoffs come after an email was sent to CFPB staff on Wednesday...outlining the agency's new focus, shifting its attention toward tangible harm to consumers.
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 CFPB, established after the 2008 financial crisis, has faced criticism from the Trump administration, arguing that it exceeds its regulatory authority.
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