Billy, grab that cluster of leaves into a ziploc bag and bring it to your local nursery. Is it leucothoe or euonymous?
I had this years ago on a manhattan euonymous in an area where the sunlight was blocked and the air circulation was bad.
The yard guys sprayed it with a sulfur preparation and after the leaf drop it recovered the next year. Important to remove the dropped leaves and treat the soil where they dropped as well.

Looks like the dreaded euonymus scale insect. VERY common to this plant. Yours appears to be a very bad infestation, judging from the one picture you've attached.

Many people would suggest that these shrubs be 1)pruned all the way to the ground so that you can start all over again with insect-free growth. Of course, you'll have to fight this scale for the rest of your days. 2) Remove the euonymus and replace with something else. Euonymus is simply highly susceptible to this particular insect.

Remember, this is an insect and not a disease. No spraying with a fungicide; no treatment of soil, etc.

Do some 'googling' about Euonymus scale and you'll find many websites detailing your options. Hopefully, you'll visit your extension office with a sample. Local nurseries may or may not be staffed with knowledgeable folks.