WASHINGTON— The CFPB has wrapped up nearly all regulatory matters flagged by its examiners as Trump-appointed leaders move to dismiss most of the agency’s remaining staff, Bloomberg Law reported.
Bloomberg Law noted the CFPB had around 2,000 open “matters requiring attention” in June as Trump-appointed leadership ordered exam teams to prepare memos justifying the to-do items.
“As many as 99% of all outstanding MRAs are now set to be closed by the end of this week, according to multiple people familiar with the issue who requested anonymity to discuss internal developments,” Bloomberg Law stated Friday.
A “matter requiring attention” is the CFPB’s supervisory label for a compliance issue that firms are allowed to fix privately before facing possible enforcement. Internally, some staff called the documents they drafted “death memos,” a grim reference both to unresolved red flags at supervised companies and to leadership’s plan to dismiss nearly 90% of the agency’s workforce, Bloomberg Law explained.
“It’s common for new leaders at federal banking agencies to review outstanding supervisory and enforcement matters. But what’s happening at the CFPB is different,” Bloomberg Law said, adding that one person familiar with the matter said it felt like examiners were preparing for their own reduction-in-force.