The Trump administration is reportedly planning to reduce the Consumer Financial Protection Bureau (CFPB) workforce by nearly 90 percent as part of its efforts to downsize the agency. Approximately 1,500 employees are expected to lose their jobs, leaving around 200 staff members at the bureau. Employees began receiving layoff notices on Thursday. An email reviewed by The Associated Press stated, “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.” Acting CFPB Director Russ Vought justified the cuts, saying they are necessary to restructure the Bureau’s operations to better align with its priorities and mission. The Hill has contacted the CFPB for comment. These layoffs continue the administration’s push to reshape the federal government. The CFPB, established after the 2008 financial crisis, has faced criticism from GOP lawmakers and financial industry leaders who argue its investigations are overly aggressive toward lenders and banks. Last month, a judge temporarily blocked the administration from slashing the workforce, but an appeals court recently ruled that while layoffs could proceed, the agency itself cannot be dissolved. Senator Elizabeth Warren criticized the administration’s actions, suggesting they serve as a payoff to wealthy campaign donors.
— new from The Hill
