CFPB Requests $0 for Q2 Expenses – NMP Skip to main content

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.

 
About the author
Published
Jan 19, 2018
Congress Weighs New Roadmap To End Fannie, Freddie Conservatorship

Rep. Scott Fitzgerald's three-bill housing package would establish a statutory framework for releasing the GSEs while expanding construction lending and easing some TRID compliance requirements

CHLA Backs Bank Capital Proposal, Questions Impact On Mortgage Lending

Trade group supports lower mortgage risk weights but says broader market forces — not capital rules — drove banks' retreat from the market

Senate Passes 21st Century ROAD To Housing Act In 85-5 Vote

Sweeping housing package heads back to House after Senate clears final version with broad bipartisan support

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

Underwriters Don’t Slow Down Loans. They Eliminate Uncertainty.

ndustry’s biggest bottleneck is not underwriting itself — it is the uncertainty that reaches underwriting too late in the process. When validation happens upstream, speed follows naturally.

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation