CFPB is cut off in overwhelming jobs, as Trump is managed by an agency

the Consumer Financial Protection Office On Thursday, CFPB moved forward with workers’ demobilization in the agency, as the Trump administration is looking to reshape the consumer enforcement agency.

A source familiar with the Fox Business operation said that more than 1500 CFPB workers will get power reduction notifications. Workers’ layoffs are located through the basic CFPB jobs, including Supervising financial institutions And its enforceable arm.

After the job cuts, CFPB will have more than 200 of the remaining employees to implement the agency’s organizational activities.

the Wall Street Journal mentioned On Wednesday, a message was sent to CFPB employees from the chief legal official of the agency, Mark Paulta, who showed how the agency re -focuses its efforts on “concrete harm to consumers” by re -customizing resources from enforcement and supervision activities that the states can do.

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The memorandum said that the CFPB supervision arm will reduce the number of supervisory “events” or exams by 50 %, with a focus on “success, correcting and treating damage to consumer complaints.”

CFPB will also convey its focus to being primarily on deposit institutions, instead of non -fake institutions, and returning to the 2012 mix when 70 % of CFPB supervision was running Banking banks and institutions And 30 % on NonBanks. The memo said that this mixture was “completely turned” with more than 60 % on other banks and less than 40 % on banks and deposit institutions.

The memo continued that CFPB will focus its efforts to combat fraud in the areas where there is “material and measurable Consumer damage Unlike things based on the office’s perception that consumers have taken “wrong” options. ”

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Real estate mortgages will get a higher priority, followed by data furnishing violations, Consumer contracts The debts, fraudulent excess drawings and fees, as well as insufficient controls to protect consumer information.

In addition, the new CFPB priorities will witness that the agency is retracting the areas where state organizers enjoy great power unless it is required to do this under the law, while eliminating the repeated regulatory functions of other federal agencies.

The memo said that CFPB “will not continue supervision under new legal theories” and will focus on the areas that are clearly located within its legal authority. “

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The areas that will be canceled in CFPB include loans for “other initiatives for” participating justice “(criminals), in addition to the medical religion and peer platforms to the loan and lending, Student loansTransfers, consumer data, along with digital payments, for each memo.

CFPB is currently leading the Acting Director, Russell Fion, who is also the head of the Administration and Budget Office (OMB).

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Jonathan Micahnanan was nominated to serve as director of CFPB, although his candidacy has not yet been considered the Senate. Mckernan was a member of the Board of Directors at the Federal Deposit Insurance Corporation (FDIC).