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Trump admin to cut 90 percent of CFPB in latest layoffs
Posted on 4/18/25 at 8:16 am
Posted on 4/18/25 at 8:16 am
Bye bye to Liz Warren's socialist agenda that made borrowing money harder for people despite its supposed protection of consumers.
LINK
Due to the cuts, the CFPB announced it will step back from assisting people with student loan debt and medical bill collections
That announcement makes for an interesting showdown of those who deferred their SLs under Biden hoping for forgiveness which never came and the loan payments have started back
quote:
President Trump’s administration is cutting nearly 90 percent of the Consumer Financial Protection Bureau’s (CFPB) employees in a push to significantly downsize the watchdog agency formed to shield U.S. consumers from financial fraud and abuse.
Around 1,500 of the agency’s workers are scheduled to be cut, multiple outlets reported Thursday. That would leave some 200 people in place at the agency.
The employees started to get layoff notices on Thursday.
“The Consumer Financial Protection Bureau identified your position being eliminated and your employment is subject to termination in accordance with reduction-in-force (RIF) procedures,” said an email to a CFPB worker, which was reviewed by The Associated Press.
The acting CPPB Director Russ Vought said in a notice, which was seen by Politico, that the cuts are “necessary to restructure the Bureau’s operations to better reflect the agency’s priorities and mission.”
The Hill has reached out to CFPB for comment.
The cuts come as a continuation of the current administration’s efforts to revise the shape and scope of the federal government.
The watchdog agency, created after the 2008 financial crisis, has long been in the crosshairs of GOP lawmakers, tech billionaire Elon Musk, and Wall Street heavyweights, arguing that the CFPB’s investigations are far too hostile to lenders and banks.
Last month, a judge ruled that CFPB had to be reinstated and the administration, temporarily, was not able to slash the workforce. An appeals court ruled on Friday last week that the administration can lay off workers but cannot terminate the entire agency.
Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, previously criticized Musk and Vought over their push to dismantle the agency.
“So, why are these two guys trying to gut the CFPB?” Warren said in February. “It’s not rocket science: Trump campaigned on helping working people, but now that he’s in charge, this is the payoff to the rich guys who invested in his campaign and who want to cheat families — and not have anybody around to stop them.”
LINK
Due to the cuts, the CFPB announced it will step back from assisting people with student loan debt and medical bill collections
That announcement makes for an interesting showdown of those who deferred their SLs under Biden hoping for forgiveness which never came and the loan payments have started back
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Posted on 4/18/25 at 8:18 am to stout
hopefully Dodd-Frank is nextPosted on 4/18/25 at 8:19 am to stout
Not enough. Bury it in the ground
Posted on 4/18/25 at 8:21 am to SDVTiger
The CFPB wields way too much power. So much so that it made credit get tighter for low-income people or people trying to establish credit. The very people their agenda was supposed to help. Dems always interfere in free commerce under the guise of protectionism and in the long run hurt the people they set out to protect. This is yet another example of that.
Posted on 4/18/25 at 8:23 am to stout
Now do FHA forbearance trickery. If that ends, 2008 will look like a cakewalk. Needs to happen though
Posted on 4/18/25 at 8:24 am to stout
I don't know much about the CFPB but from the cheap seats it looks like it just helps people get further in debt.
Posted on 4/18/25 at 8:25 am to stout
This, HUD and several others were solely designed to separate productive people from their money in order to buy votes from parasites. Shut them all down. We need to let Darwin back into the equation and quit protecting lazy morons from themselves.
Posted on 4/18/25 at 8:26 am to stout
Everything they did after 2008 to "help" consumers has lead to more costs to the borrowers with Mortgages
I mean they got 4mil from AAG Reverse cause they would market that you dont need to make a payment in a Reverse Mortgage
They just did
I mean they got 4mil from AAG Reverse cause they would market that you dont need to make a payment in a Reverse Mortgage
quote:
Now do FHA forbearance trickery
They just did
Posted on 4/18/25 at 8:27 am to Stunrunner
quote:
Now do FHA forbearance trickery.
Announced this week
Posted on 4/18/25 at 8:27 am to stout
Well… probably should have paid the loan you took out. I have zero sympathy.
Also, 90% isn’t enough. Needs to be closed entirely.
Also, 90% isn’t enough. Needs to be closed entirely.
Posted on 4/18/25 at 8:31 am to dalefla
quote:
We need to let Darwin back into the equation and quit protecting lazy morons from themselves.
Don't know much about the labels on all the federal programs that have been instituted - but I have a long-held distaste for all of them.
But the "cope or go extinct" plan has demonstrated over the first 5 billion years of earth's existence to be the most successful paradigm for progress.
Posted on 4/18/25 at 8:34 am to stout
I feel like this is like the tenth time the death of this agency has been declared.
Posted on 4/18/25 at 8:39 am to coolpapaboze
Dunno why but I was hoping this was college football playoff related, would be cool for trump to cut it back to BCS computer two team selection
Posted on 4/18/25 at 8:40 am to stout
The walll street elites are gonna love this
Posted on 4/18/25 at 8:44 am to crewdepoo
quote:
The walll street elites are gonna love this
Care to expand or are you just slinging shite using buzzwords?
Posted on 4/18/25 at 8:47 am to stout
They FA and now they're FO.
Pay your fricking bills and you don't have these problems.
Pay your fricking bills and you don't have these problems.
Posted on 4/18/25 at 8:48 am to stout
Because people who never made a student loan payment got hit with all the late payment charges since the loans are now reported to credit reporting companies. Thats what happened if borrowers were making payments they didn’t get dinged, it’s elemental.
Posted on 4/18/25 at 8:52 am to stout
For some reason I read CFPB as college football playoff board
Posted on 4/18/25 at 8:56 am to stout
quote:
Due to the cuts, the CFPB announced it will step back from assisting people with student loan debt and medical bill collections
So, someone please explain this to me like I have enormous genitals and an abysmal credit score....
Why should I be sad that my tax dollars will no longer pay for my government to help people figure out their own self-inflicted student loan debt or make arrangements to help with medical bills?
It's not that difficult. Don't get a degree in some useless field like gender study. But, if you did, pay for it. You're the one who wanted it. And if you have medical bills, talk to the hospital billing team. You'll be surprised how little they will settle for, when they know full well that the alternative is not getting any money at all. That's why they overcharge the shite out of insurance companies, so they'll still make an immense profit even when you don't make your copay.
Posted on 4/18/25 at 8:56 am to stout
quote:
Amanda Goodall: It's WRECKING credit scores.
No, people wrecked their own credit scores. They borrowed more than they could pay back. That's how credit scores are supposed to work Amanda; keep bad borrowers from continuing to borrow until they start WRECKING the banking system.
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