Mulvaney requests ‘zero’ money for CFPB

Acting Consumer Financial Protection Bureau Director Mick Mulvaney has requested “zero” funding from the Federal Reserve in the second quarter and instead will use reserves to fund the agency. Mulvaney sent a letter Wednesday to Fed Chair Janet Yellen stating that the CFPB already has $177 million in reserve, enough to cover its $145 million […]

Acting Consumer Financial Protection Bureau Director Mick Mulvaney has requested “zero” funding from the Federal Reserve in the second quarter and instead will use reserves to fund the agency.

Mulvaney sent a letter Wednesday to Fed Chair Janet Yellen stating that the CFPB already has $177 million in reserve, enough to cover its $145 million second-quarter budget, and therefore it does not need any funding.

“This letter is to inform you that for second quarter of fiscal year 2018, the bureau is requesting $0,” Mulvaney wrote to Yellen.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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