The Consumer Financial Protection Office has been reduced to a skeleton crew. The section, which was created to supervise banks and financial institutions, has decreased about He left about 200 employees and reduced the agency by about 90 percent.
In addition to cutting most employees, the chief legal officials Mark Paulta sent In detail the changing priorities of CFPB. The office was requested to cancel the distribution of topics, including consumer data, digital payments, medical debts and student loans. Real estate mortgages will now be the main theme of the remaining employees.
Since it was created in 2010, this section has followed measures against financial institutions and technology accused of deceptive or abusive practices, with cases of companies such as companies and And that created the cash application. Supervision of service providers was also scheduled .
However, since the beginning of 2025, at CFPB Multiple issues were launched under the management of President Joe Biden. Acting Director of the Administration and Budget Office, Russell Fion, indicated that the office days may be numbered when it was ordered to all “supervision and exam activity” In February.
This article originally appeared on Engadget on https://www.engadget.com/big-tech/the-consumer-fincancial-protection-bureau-has-cut-90- Peercent-f-its-mplayes-25239056.html?
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