President Trump’s administration is significantly downsizing the Consumer Financial Protection Bureau (CFPB), cutting approximately 1,500 employees, nearly 90% of its workforce, to around 200. The agency, created post-2008 financial crisis to enforce consumer protection laws, will shift its focus primarily to mortgage issues, while reducing attention to medical debt, student loans, and digital payments. This move has faced criticism from former CFPB Director Rohit Chopra, who claims the cuts are aimed at weakening the agency’s regulatory power in favor of major financial institutions.
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