Mick Mulvaney’s Budget Request for the CFPB? $0.

The CFPB’s acting director says the agency has enough reserves to cover the second quarter budget.

1/18/2018 2:00 PM

NewsCFPB
Mick Mulvaney’s Budget Request for the CFPB? $0.

The Consumer Financial Protection Bureau is scaling back its request for operating funds—to $0—as part of Acting Director Mick Mulvaney’s and the Trump administration’s effort to rein in the agency.

In a letter to Federal Reserve Chair Janet Yellen, Mulvaney wrote that the CFPB has $177 million in funds available to cover the $145 million it budgeted for the second quarter, Politico reports

Former director Richard Cordray requested $217.1 million last quarter, according to the article. “Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that,” according to the article. “Cordray had maintained a ‘reserve fund’ in case of overruns or emergencies, but Mulvaney said he didn’t see any reason for it, since the Fed has always given the bureau the money it needs.”

He also noted that instead of advancing the funds to the CFPB, they could be returned to the Treasury for reducing the deficit.

“While this approximately $145 million may not make much of a dent in the deficit, the men and women at the Bureau are proud to do their part to be responsible stewards of taxpayer dollars,” Mulvaney wrote, according to Politico.

House Financial Services Committee Chairman U.S. Rep. Jeb Hensarling, R-Texas,  released a statement on Mulvaney's request.

"It's refreshing to see a government agency take steps to be responsible with taxpayer money. I've said before that the CFPB has an important mission, and I truly believe it is capable of great good. Under the leadership of Acting Director Mulvaney we are seeing this agency be reformed and restructured into one that is fully accountable to We the People and truly protects consumers by ensuring their economic freedom."
 

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