U.S. Consumer Finance Agency to Reopen Office After Year-Long Closure

On February 20, 2025, the Consumer Financial Protection Bureau's (CFPB) name and logo were seen removed from its Washington, D.C. building. WASHINGTON, May 12 (Reuters) - The leadership at the U.S. consumer finance regulator is planning to bring staff back to the office more than a year after the Trump administration closed its Washington headquarters and attempted to reduce its workforce, according to three sources familiar with the situation. The details of the return-to-office strategy for the CFPB have not yet been communicated to employees, and the timing remains uncertain, the sources noted. Currently, the agency's downtown headquarters are partially occupied by the Office of Management and Budget, which is led by Director Russell Vought, who also oversees the CFPB, according to the sources. It is unclear whether employees will be called back to the CFPB's headquarters or if this mandate extends to staff based outside Washington, as reported by three sources. CFPB representatives did not respond immediately to a request for comment on Tuesday. The Trump administration canceled the CFPB's headquarters lease in February and transferred the property to the General Services Administration, as earlier reported by Reuters. Following calls for the CFPB's complete dissolution last year, senior administration officials have since moderated their approach to reducing the agency's workforce. A judge's temporary order blocking such actions remains in effect after a lower court concluded that the administration aimed to disband the CFPB before the legality could be adjudicated. Given the significant reduction in agency functions and ongoing uncertainty about its future, many CFPB employees have departed from the bureau, originally established post-2008 financial crisis to safeguard consumers against predatory finance practices. The workforce has declined by approximately 30% since the beginning of the Trump administration, based on court documents. Leadership from the administration, including President Donald Trump, has criticized the CFPB as a politically charged hindrance to free market principles, while Democrats and advocates argue that efforts to dismantle it serve corporate interests at the detriment of consumers. Reporting by Douglas Gillison in Washington; Editing by Daniel Wallis. Our Standards: The Thomson Reuters Trust Principles.