CFPB Director Says Agency Fully Funded

Acting Consumer Financial Protection Bureau ("CFPB") Director Mick Mulvaney did not request funding from the Board of Governors of the Federal Reserve System ("FRB") for the second quarter of 2018.

In a letter to FRB Chair Janet Yellen, Director Mulvaney explained that he will rely on the CFPB's "reserve fund" at the Federal Reserve Bank of New York. He noted that the CFPB has maintained the reserve fund despite "no specific statutory mandate" to do so. As such, Director Mulvaney represented that he intends to "spend down the reserve" before requesting any additional funds from the FRB. He projected CFPB expenses at $145 million for Q2 2018, and said that the reserve fund totals $177.1 million.