The Consumer Financial Protection Bureau (CFPB) has undergone significant workforce reductions, now operating with only about 200 employees, marking a 90% decrease since its establishment. Chief Legal Officer Mark Paoletta's recent directive has deprioritized critical areas such as consumer data, digital payments, medical debt, and student loans, shifting the focus predominantly to mortgages. This alteration follows the bureau's history of pursuing cases against financial entities for misleading practices. With uncertainties surrounding its future, signals from the Office of Management and Budget indicate the CFPB's operational constraints and possible disbandment under the current political climate.
The Consumer Financial Protection Bureau, originally meant to oversee banks, is now reduced to about 200 employees, representing a cut of around 90%.
Prioritization has shifted under new directives: consumer data, digital payments, and medical debt are deprioritized, with mortgages remaining the key focus.
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