WASHINGTON—CFPB Acting Director Mick Mulvaney has told the Federal Reserve he does not need any funds to cover the Bureau's operations for the second quarter of this year.
In his letter to the Fed, Mulvaney said the Bureau has $177 million in a reserve account that it will use for funding, instead. The reserves are known as the Bureau of Consumer Financial Protection Fund at the Federal Reserve Bank of New York.
In the letter Mulvaney, who is also director of the Office of Management and Budget, said the reserve exists in case of “overruns and emergencies,” but that he sees “no specific statutory authority” for the fund nor any “practical reason” for it.
Each quarter, the CFPB director has traditionally requested money from the Federal Reserve for its operations.
Mulvaney said the $177 million in the reserve fund is more than adequate to cover the Bureau's needs for the second quarter, which is budgeted at $145 million. It is the first time the agency has not made the quarterly request.
As CUToday.info reported, last week Mulvaney announced that the Bureau will issue a series of requests to obtain public feedback on how to improve its functions and outcomes for consumers and the entities it regulates.