WASHINGTON—The Consumer Financial Protection Bureau will replace the members of four advisory groups representing companies and consumers, the latest move by a Trump-appointed acting director who is shifting the bureau’s approach to enforcing consumer-finance laws.

The bureau, under the direction of acting director Mick Mulvaney, plans to “reconstitute the current advisory groups with new, smaller memberships,” according to a memo sent to advisory-group members Wednesday. “Smaller memberships will ensure streamlined discussions...