CFPB Gives Workers Two Weeks to Decide Whether to Move to DC
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Consumer Financial Protection Bureau employees based outside of Washington have two weeks to decide whether they will report to the agency’s new headquarters or lose their jobs.<br>A notice sent to staff Tuesday by CFPB acting chief Russell Vought and obtained by Bloomberg Law gives them a July 14 deadline.<br>“Declining a management-directed geographic reassignment will result in your separation from the CFPB,” the letter said. “Failure to respond by this deadline will be considered a declination of reassignment.”<br>Employees who agree to relocate will be officially reassigned to the CFPB’s new headquarters in southwest DC effective Sept. 6, according to the notice.<br>The CFPB’s new office only has room for around 550 employees, about half of the agency’s current headcount.<br>Because of that, the CFPB’s union has called the return-to-office plan a shadow reduction-in-force move. A Trump administration plan to shrink the CFPB to around 550 people is tied up in court.<br>The agency is exempting some employees from the return-to-office order, but there didn’t appear to be any discernible pattern for those carve-outs, according to multiple people with knowledge of the notices who requested anonymity to discuss internal CFPB operations. It wasn’t immediately clear how many employees will be exempted.<br>The CFPB didn’t immediately respond to a request for comment.<br>The reporting requirement is the final stage of a return-to-office plan announced in late May.<br>Under the plan, CFPB operations staff were scheduled to report to the new office June 1 to help set it up, and the 650 CFPB employees stationed within 50 miles of Washington are expected to show up at the office starting July 13.<br>Exam Cuts<br>Along with shuttering the CFPB’s former headquarters near the Treasury Department and the White House, the Trump administration closed the agency’s regional offices around the country last year.<br>Meanwhile, the CFPB under Vought has voluntarily dismissed more than 20 lawsuits and terminated more than a dozen administrative settlements early. The agency is also making changes to its flagship consumer complaint database that are favorable to industry and easing rules on fair lending enforcement and other issues.<br>The CFPB has also rolled back examinations of large banks, financial technology firms, debt collectors, and other companies under its purview. The agency cut back on the number of visits examiners will pay those companies and made the exams all virtual.<br>Some CFPB examiners previously assigned to specific geographic locations were among those who received the return-to-office notice Tuesday, people with knowledge of the letters said.<br>Vought’s plan to cut the CFPB’s workforce heavily targeted the agency’s examination and enforcement staff.
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