No New Funding for CFPB in Next Quarter, Mulvaney Tells Yellen

The Consumer Financial Protection Bureau doesn’t need any new funds for the next quarter, Mick Mulvaney, the agency’s acting director said in letter released today.

The CFPB has sufficient reserves to cover its estimated $145 million second quarter budget, Mulvaney told Federal Reserve Chairman Janet Yellen.

“It is my intent to spend down the reserve until it is of a much smaller size, while still allowing the Bureau to successfully perform its functions, before making an additional financial request of the Board,” Mulvaney said.

The letter - made public one day after the CFPB announced a top-to-bottom examination of agency ...