WASHINGTON— The Office of the Comptroller of the Currency has terminated the CFPB's lease on its Washington headquarters and agreed to transfer the property to the General Services Administration, according to records obtained by Reuters, a move that raises fresh questions about the Trump Administration’s longer-term plans for the CFPB.
'Reuters reported the lease was ended in February, at least six years early, with the transfer occurring at no cost.
Reuters said the move comes as the Administration continues to pursue a major downsizing of the CFPB, which was created by Congress after the 2008 financial crisis. While President Trump has called for the Bureau to be abolished, the administration is now seeking court approval to reduce the agency’s workforce to roughly one-third of its former level of about 1,700 employees, following litigation brought by staff. Reuters noted that, after attrition over the past year, the CFPB now has fewer than 1,200 workers.
According to Reuters, CFPB records released under the Freedom of Information Act show the Bureau first asked to end the lease shortly after Trump took office last year and again in December. In a Feb. 12 letter to the GSA cited by Reuters, Comptroller of the Currency Jonathan Gould said there were “costs and risks” tied to managing the property and that serving as the CFPB’s landlord “does not advance the OCC’s mission.” The original 20-year lease called for the CFPB to pay about $11.4 million in rent in 2012, with annual 2% increases, Reuters reported.
Reuters further reported that only a small number of CFPB employees now regularly work from the downtown building, with most staff working remotely. Acting CFPB Director Russell Vought last year halted agency work and sent employees home, although some functions have since resumed, including limited supervisory work and rulemaking. The roughly 300,000-square-foot building, located across from the White House complex, has not previously been reported as being transferred, Reuters said.