White House scales back plan to dismantle the CFPB but still wants to slash staff by two-thirds - AP News

The White House has abandoned plans to completely dismantle the Consumer Financial Protection Bureau but is still pursuing a dramatic workforce reduction of roughly two-thirds of its staff. The CFPB, created under the Dodd-Frank Act following the 2008 financial crisis, has been a frequent target of Republican criticism as an overreaching independent agency. The scaled-back approach suggests the Trump administration faces legal or practical obstacles to outright elimination but remains committed to significantly constraining the agency's enforcement power and oversight capacity. The proposed cuts would substantially limit the CFPB's ability to police consumer lending, credit card practices, and other financial services—areas where the agency has been active under previous administrations. The decision reflects the administration's broader regulatory rollback agenda while acknowledging the agency's statutory independence and Congressional protections.