Office of Financial Research Facing Layoffs – NMP Skip to main content

Office of Financial Research Facing Layoffs

Aug 08, 2018

The Trump Administration is reportedly laying off approximately 40 staff members of the Office of Financial Research (OFR), an agency created by the Dodd-Frank Act in the aftermath of the 2008 economic crisis.
The Trump Administration is reportedly laying off approximately 40 staff members of the Office of Financial Research (OFR)
 
Reuters reported on the downsizing by citing “a person familiar with the changes,” adding that the OFR staff was told of the pending layoffs in January, which were being conducted as part of the administration’s reduction of federal bureaucracy. The Reuters source claimed that 140 people were employed at the agency, which once had a 217-person staff, with some people leaving to find work elsewhere.
 
According to its Web site, the OFR “delivers high-quality financial data, standards, and analysis to promote financial stability.” Congressional Republicans have questioned its efficiency and value, and the OFR budget has been cut by 25 percent to $76 million. The agency’s first director, Richard Berner, left at the end of 2017 following the conclusion of his six-year term, and President Trump’s nominee to fill the job, congressional economist Dino Falaschetti, is awaiting Senate confirmation.
A Treasury spokesperson responded to the Reuters report by stating, “We are working to make OFR a more efficient organization with a stronger workforce and culture to better execute on the mission.”
About the author
Published
Aug 08, 2018
Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3

TRUE Releases AI Governance Guide Ahead Of Fannie Mae Deadline

Guide focuses on tracing mortgage data from borrower documents through AI validation, human review, and final LOS entry