CFPB Requests $0 for Q2 Expenses – NMP
Regulation and Compliance

CFPB Requests $0 for Q2 Expenses

Jan 19, 2018
It what may be a historic first, the Consumer Financial Protection Bureau (CFPB) is not requesting any federal funds to cover its quarterly expenses

It what may be a historic first, the Consumer Financial Protection Bureau (CFPB) is not requesting any federal funds to cover its quarterly expenses.
 
According to a USA Today report, CFPB Acting Director informed Federal Reserve Chairwoman that his agency had $177.1 million left over at the start of the federal government's 2018 fiscal year in September. The agency is projecting its second quarter expenses to total about $145 million, thus giving the CFPB enough funding to operate without a new financial transfusion from the Federal Reserve, which funds the CFPB.
 
"I have been assured that the funds currently 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 to Yellen.
 
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Phil Hall
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Jan 19, 2018
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