The CPFB starts to lay off staff as the agency plans a shift in its focus

The Consumer Financial Protection Bureau (CFPB) has started laying off staff as part of a plan to shift its focus. Employees began receiving layoff notices on Thursday following a court ruling allowing such actions. The agency's new direction, outlined in a memo from chief legal officer Mark Paoletta, includes leaning more on states for enforcement and supervision tasks, focusing on banks and depository institutions, and deprioritizing areas like medical debt and digital payments. Critics argue this represents a significant retrenchment from the bureau's mission.