The Consumer Financial Protection Bureau has been reduced to a skeleton crew. The department, which was created to oversee banks and financial institutions, has cut about 1,500 jobs, leaving about 200 employees and reducing the agency by about 90 percent.
In addition to cutting most of the staff, Chief Legal Officer Mark Paoletta sent a memo detailing the changed priorities for the CFPB. The bureau has been ordered to deprioritize subjects including consumer data, digital payments, medical debt and student loans. Mortgages will now be the leading topic for remaining employees.
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