CFPB makes extensive job cuts

A Bureau for Financial Protection Consumers (CFPB) moved forward on Thursday with extensive dismissal at the agency when Trump’s administration seeks to transfer consumer protection agencies.

A source familiar with the process reported Fox Business that more than 1500 workers in CFPB will receive reports of strength. Dismissal are carried out on the main functions of CFPB, including Supervision of financial institutions And her well -being.

After reducing CFPB jobs, there will be just over 200 other frames for the agency’s regulatory activity.

A Reported about the Wall Street Journal magazine The fact that a letter from CFPB officers was sent on Wednesday by the chief legal director of the Mark Poclet Agency, which outlines how the agency has reoriented its efforts to “sensitive damage to consumers”, overloading the resources from compulsory execution and surveillance.

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Signs see the Consumer Financial Defense Headquarters (CFPB) in Washington, Columbia County, May 14, 2021/Andrew Kelly (Reuters / Andrew Kelly / Reuters)

The note states that the supervision of CFPB will reduce the number of supervisory “events” or exams by 50%, with a focus on “reconciliation, correction and damage provided consumer complaints”.

CFPB will also transfer its attention first of all to be at depository institutions rather than at no institutions that are not Banks and depositors and 30% on non -nonsense. The note states that now this mix is ​​”completely overturned” with more than 60% on nebores and less than 40% in banks and deposits.

The note states that CFPB will focus on its efforts against fraud in areas where there is’ material and measuring consumer losses Unlike questions based on the bureau’s perception that consumers have made the “wrong” choice “.

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Currently, OMB Director Russell WuTS is the acting director of CFPB. (Photo by Andrew Hardty Images / Getty Images)

Mortgage loans will receive the highest priority, after which the data violation, Consumer contracts and debt, falsification and fees, as well as insufficient control to protect consumer information.

In addition, the new priorities CFPB will retreat agencies from areas where state regulators have significant powers, if it does not require this by law, and eliminates duplicate functions that have jurisdiction in other federal agencies.

The note states that the CFPB “will not supervise new legal theories” and “focus on the areas that are clearly in its authorized body.”

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Activists protested against Trump’s administration in agencies such as CFPB. (Alex Wong / Getty Images / Getty Images)

The areas that should be violated in CFPB include loans on other “justice initiatives” (criminals) “, as well as medical debt, peer platforms and lending, Student loansMonetary transfers, consumer data, as well as digital payments for the memo.

The CFPB is currently managing the acting director of Russell Wus, who is also the head of management and budget management (OMB).

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Jonathan McCainan was nominated as a CFPB director, although the Senate has not yet considered his nomination. Earlier, McCainan was a member of the Federal Deposit Insurance Corporation Council (FDIC).