Acting CFPB Director Mulvaney Requests No Quarterly Funding

Bill Clark  CQ-Roll Call Group

Bill Clark CQ-Roll Call Group

"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", said acting CFPb Director Mick Muvlaney.

According to the New York Times, Mulvaney, in a letter to Federal Reserve Chair Janet Yellen, said that the bureau did not need any new funds to operate during the second quarter. Mr. Mulvaney said he would spend the reserve further before making a budget request from the Fed.

"I have been assured that the funds in the 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.

The CFPB gets its funding from the Fed, and whatever profits the nations central bank produces each year gets turned over to the federal government.

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The CFPB drew them up under previous director Richard Cordray, who left the job to seek the Democratic nomination for OH governor. The Federal Reserve directly funds the consumer agency, with directors sending their requests for funding for the quarter.

Mulvaney, who also serves as the director of the White House Office of Management and Budget, isn't taking a salary because the agency is now running in the black.

"While this approximately $145 million may not make much of a dent in the deficit, the men and women of the bureau are proud to do their part to be responsible stewards of taxpayer dollars", Mulvaney wrote.

"The reason for this is straightforward", Mulvaney wrote.

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The move is unprecedented: The consumer watchdog agency has reliably asked the Fed for tens of millions of dollars quarterly to cover its operating expenses.

The agency has provided consumers about $12 billion in refunds and debt relief from financial institutions since opening in 2011.

The bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to oversee credit cards, mortgages and other financial products.

"Those folks simply wouldn't be allowed to work on it for the day or two that the government is shut down", said Mulvaney, "so, the impact on the overall tax bill would be negligible if not zero".

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The review is the clearest sign yet that the future direction and role of the CFPB, which has existed for less than a decade, will be dramatically different than it was under the Obama administration.

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