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Mulvaney Says CFPB Has Enough Money

Mulvaney Says CFPB Has Enough Money

What budget priorities Mulvaney has for the CFPB will become more clear once he makes his request for third-quarter funding later this year as the agency spends down its rainy day fund.

Mulvaney's request for no funding came as Mulvaney announced the first step toward an overhaul of the agency: a review of its entire operation.

CFPB acting director Mick Mulvaney wrote in a letter to Fed Chair Janet Yellen that, based on his assessment of the bureau's financial status, the agency has more than enough available funds on hand to cover all of its operating costs for the second quarter of fiscal 2018. The zero was typed in boldface.

In his letter, Mr. Mulvaney states that he has been assured that the current balance of the CFPB's fund at the Federal Reserve Bank of NY is sufficient for the CFPB "to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective, and accountable".

While previous management has preferred to carry a reserve fund, Mulvaney said there's no law requiring it to do so and he sees no "practical reason" to continue the practice.

Not requesting any money will allow the bureau to do its part for deficit reduction.

Find out more about this unprecedented decision and what Democrats are saying in response.

President Donald Trump named Mulvaney as the temporary head of the the agency in late November, after former director Richard Cordray announced he was retiring to run for OH governor. It also played a key role in penalizing Wells Fargo & Co. for its creation of unauthorized accounts.

The Consumer Financial Protection Bureau on Thursday dropped a lawsuit against four payday lenders.

The consumer agency in its lawsuit filed a year ago accused the lenders of deceiving consumers and unlawfully withdrawing from their bank account to pay debts they didn't legally owe. Regulators and consumer advocates say the loans, which are meant to be repaid quickly, can trap borrowers in cycles of costly debt that are hard to escape. The roughly $150 million he asked the Fed to transfer to the Treasury instead of to the CFPB is a laughably small amount to contribute compared to the billions in positive material gains for American workers that the agency uses its budget to win. "This is signaling that the [bureau] is going to stand down on the online payday lenders who refuse to comply with state interest-rate caps".

The rule was likely to have upended the industry.

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