The CPFB starts to lay off staff as the agency plans a shift in its focus

The CPFB starts to lay off staff as the agency plans a shift in its focus

Employees at the Consumer Financial Protection Bureau have begun receiving layoff notices, the latest attempt by the Trump Administration to shrink the bureau and reduce the scope of its work.“This RIF action is necessary to restructure the Bureau’s operations to better reflect the agency’s priorities and mission,” read one of the notices seen by NPR, referring to reduction-in-force actions.Staff members began receiving the reduction-in-force no…

Consumer watchdog agency begins sweeping layoffs and changes in operations

The top U.S. watchdog agency for consumer finance began widespread job cuts on Thursday as the Trump administration is looking to restructure the agency’s work. The Consumer Financial Protection Bureau sent out a reduction-in-force notice to more than 1,500 workers…

CFPB to make sweeping job cuts as Trump admin refocuses agency

The Consumer Financial Protection Bureau (CFPB) on Thursday moved forward with sweeping layoffs at the agency as the Trump administration looks to remake the consumer enforcement agency.A source familiar with the process told FOX Business that more than 1,500 workers at the CFPB will receive reduction-in-force notices. The layoffs are across the CFPB's core functions, including supervision of financial institutions and its enforcement arm.Follow…

A new internal memo from the CFPB says it will 'deprioritize' its student-loan oversight in Trump's latest move to overhaul the consumer watchdog

The Consumer Financial Protection Bureau headquarters in Washington, DC. A new internal memo from the CFPB told employees to "deprioritize" student loans and medical debt.Bill Clark/CQ-Roll Call, Inc via Getty ImagesA new internal memo from the CFPB told employees to "deprioritize" student loans and medical debt.It said that the focus of the CFPB will shift from supervision of companies to giving money back to consumers.This memo comes as millio…

Under Trump, consumer watchdog to slash industry supervision

By Douglas Gillison

The U.S. authority to protect consumers' finances is refocused and halved the inspections of financial services providers. (Fintech, Consumer Protection)