The Consumer Financial Protection Bureau has become a skeleton crew member. The department was created to oversee banks and financial institutions, with about 200 employees remaining and reduced the institution by about 90%.
In addition to reducing most employees, Chief Legal Officer Mark Paoletta has changed its priorities to CFPB. The bureau has been ordered to deprive topics including consumer data, digital payments, medical debt and student loans. Now, mortgages will become the main topic for the remaining employees.
Since its inception in 2010, the department has taken action against financial and tech institutions accused of deceptive or abuse, involving companies that create cash applications. It also plans to provide oversight of providers.
However, since early 2025, the CFPB has launched several cases under the leadership of the Presidential Administration of Joe Biden. Russell Vought, acting director of the Office of Management and Budget, said the bureau’s days could be numbered when he ordered all of his “supervising and exam activities” in February.
