President Donald Trump is significantly downsizing the Consumer Financial Protection Bureau (CFPB), reducing its staff from roughly 1,700 to around 200 employees, according to an administration official. Layoff notices were issued Thursday, with employee system access ending Friday evening.
Created after the 2008 financial crisis, the CFPB will now narrow its mission. Chief legal officer Mark Paoletta told staff that the agency will prioritize mortgage-related issues while pulling back on enforcement related to medical debt, student loans, and digital payments. He added that many supervisory responsibilities could shift to the states.
The restructuring aligns with efforts by Elon Musk’s Department of Government Efficiency and Russell Vought’s Office of Management and Budget, which ordered the CFPB to halt most operations in February.
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