The Trump administration continues its efforts to restructure government agencies and their employees with the latest move.
The layoffs at the Consumer Financial Protection Bureau (CFPB) were announced in an email sent to staff by CFPB chief legal officer Mark Paoletta. The agency will now focus on addressing “tangible harm to consumers” rather than supervisory roles, with mortgages being its top priority.
According to the Associated Press, employees’ access to agency systems will be terminated on Friday evening, signaling the end of their employment.
The CFPB, established in response to the 2008 financial crisis and championed by Senator Elizabeth Warren, has drawn criticism from the Trump administration, Silicon Valley, and Wall Street for allegedly overstepping its regulatory authority.
The layoffs come after a period of uncertainty at the agency. In February, acting CFPB Director Russell Vought halted all work unless approved by him or required by law. In March, employees were instructed to focus on statutorily required tasks.
Despite multiple requests for comment, the CFPB did not respond to HousingWire at the time of publication.