The Trump administration appears to be preparing to transfer employees from the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau to the Office of the Comptroller of the Currency as part of a broad reshaping of bank supervision. The OCC has created email distribution lists for [email protected], [email protected], and [email protected], according to Outlook templates obtained by Bloomberg Law from multiple sources at different agencies who were granted anonymity to prevent retaliation.

The Trump administration has fired members of the “privacy team” at the Office of Personnel Management, a move that will hinder public access and scrutiny over government records related to the security clearances of Elon Musk and his team at the Department of Government Efficiency.

Fewer FDIC staff to supervise banks (now and in the future), manage the deposit insurance fund, conduct resolution of failed banks, and protect consumers will directly lead to a banking system that is weaker and less safe. A shortage of trained and experienced examiners was found to be a key cause of the 2023 bank failures. This decision will hurt the agency and banking system now and for years to come because the examiner pipeline will be empty.

OPM issued another memo to federal agencies directing them to “separate” – or fire – certain probationary employees by the end of the day on February 17.

The SEC rescinded Staff Legal Bulletin 14L, which had made it harder for companies to exclude shareholder proposals. The guidance silences investors who want to influence corporate governance on matters of social importance, such as ESG.

New CFPB leadership signals its intent to dismantle the CFPB by large-scale reductions in work force.