Trump administration cutting nearly 90% of Consumer Financial Protection Bureau

President Trump's administration is drastically shrinking the size and mission of the Consumer Financial Protection Bureau, part of a months-long gambit to scale back the financial regulator.

Roughly 1,500 employees — or almost 90% of the agency's staff — will be cut from the CFPB, leaving around 200 people, according to an administration official who wasn't authorized to disclose the figure publicly and spoke to the Associated Press on condition of anonymity. Fox Business first reported the number of layoffs.

Employees started receiving layoff notices on Thursday. Their access to agency systems, including emails, ends on Friday evening.