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.

The Consumer Financial Protection Bureau has been reduced to a skeleton crew. The department, which was created to oversee banks and financial institutions, has cut about 1,500 jobs, leaving about 200 employees and reducing the agency by about 90 percent.

President Donald Trump is drastically shrinking the size and the mission of the Consumer Financial Protection Bureau, the latest step in an extraordinary reshaping of the federal government. Roughly 1,