CFPB Shake-up: Trump Administration's Bold Move Reshapes Financial Watchdog

The CFPB faced a significant restructuring under President Trump's administration, with as many as 70 staff members receiving termination notices. Acting chief Russell Vought ordered a halt to all activities and proposed zero funding for the agency, a move backed by the White House's critical stance on the bureau.

The U.S. Consumer Financial Protection Bureau is undergoing a dramatic shift under President Donald Trump's administration. On Tuesday, up to 70 probationary staff received termination notices, according to sources familiar with the situation. This move signals a strategic repositioning of the agency, which has been a subject of controversy in conservative circles.

Reports indicate that Russell Vought, recently appointed as the acting chief of the bureau, mandated suspension of all supervisory and examination functions. Additionally, he declared a cessation of funding for the upcoming quarter, aligning with the administration's critique of the CFPB's previous operations deemed as 'woke' and 'weaponized' by the White House.

Internal memos revealed that firings are part of a broader federal strategy following a review of probationary employees. Adam Martinez, the acting chief human resources officer, cited agency needs as rationale for the dismissals. Elizabeth Aniskevich, a senior litigation counsel, publicly contested the decisions, highlighting her credentials and expertise.

(With inputs from agencies.)