The Consumer Financial Protection Bureau (CFPB) has announced plans for a significant restructure that will result in a 90% reduction in its workforce, placing approximately 1,500 employees at risk of redundancy.
The agency, which is tasked with protecting consumers against abusive financial practices, has claimed that the measure has been introduced to reflect a shift in priorities following a review of its operations.
It would appear, however, that the CFPB is in defiance of a court order that previously blocked layoffs.
Federal judge, Beryl Howell, had issued the original order following a lawsuit by the National Treasury Employees Union, which argued that the CDP had failed to provide a sufficient justification for its actions.