Published: Fri, January 19, 2018
Money | By Armando Alvarado

CFPB Chief Declines Federal Reserve Funding for Quarter

CFPB Chief Declines Federal Reserve Funding for Quarter

In a letter obtained by TPM (read it below), Mulvaney told Federal Reserve Chair Janet Yellen that "s$3 imply put, I have been assured that the funds now in the Bureau Fund are sufficient" to last the quarter. When Mulvaney took over the agency in late November, he quickly went through its financials and found the agency had over $177 million on hand.

Yes! It is exactly what it seems like as Mulvaney hasn't requested a penny from the Federal Reserve. He argued that the funding from the Federal Reserve could better be used to reduce the federal deficit.

"Simply put, I have been assured that the funds now in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable", Mulvaney wrote in the letter. Instead, Mulvaney said that he intends to use money from the bureau's reserve fund at the Federal Reserve Bank of NY to cover the CFPB's second quarter operating expenses, which are estimated at $145 million.

For the first quarter of fiscal 2018, former director Richard Cordray asked the Fed for $217.1 million, which the CFPB granted within a week.

President Donald Trump named Mulvaney as the temporary head of the the agency in late November, after former director Richard Cordray announced he was retiring to run for OH governor.

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Mulvaney is an outspoken critic of the bureau who was made acting director in November - a controversial move by President Trump that is being challenged in court. Politico first reported the request letter. He also questioned whether the the law even allows the CFPB to maintain such a reserve fund.

The senators wrote the agency's efforts have already been "undermined" with the appointment of Mulvaney as the interim director given his current role as Office and Management Budget director. However, it turns out that the bureau doesn't require any additional funding to keep going.

But in a statement released earlier this week, the CFPB said it "intends to engage in a rulemaking process so that the bureau may reconsider the payday rule".

On Wednesday, Mulvaney announced he was launching a review of the entire operation of the consumer-watchdog agency created after the 2008 financial crisis.

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