Mulvaney Requests Zero Funding for CFPB in Q2

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Mulvaney Requests Zero Funding for CFPB in Q2 in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB Federal Reserve Funding market mulvaney 2018-01-18 Staff Writer Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago In his first request to the Federal Reserve for funding, Mick Mulvaney, acting Director of the Consumer Financial Protection Bureau (CFPB) requested for zero dollars in funding for Q2. The Federal Reserve directly funds the consumer agency, with directors sending their requests for funding for the quarter.According to the New York Times, Mulvaney, in a letter to Federal Reserve Chair Janet Yellen, said that the bureau did not need any new funds to operate during the second quarter. The bureau has on deposit $177.1 million to cover emergencies and contingencies, which Mulvaney said were too large. He intended to spend approximately $145 million from that contingency fund.Mulvaney argued that those additional funds that the Fed would have otherwise earmarked for CFPB, could be turned over to the Treasury Department to pay down a tiny amount of the government’s debts, the Times report stated.According to political news website Politico, Richard Cordray, Former Director of CFPB had requested $217.1 million in the last quarter to fund the agency. Mulvaney said that Cordray had maintained a reserve fund in case of overruns or emergencies, but he didn’t see any reason for that since the Fed has always given the bureau the money it needed, the website said.This letter from Mulvaney comes on the heels of an announcement by the agency that it was issuing a call for evidence to ensure that the Bureau was fulfilling its proper and appropriate functions to best protect consumers. In the coming weeks, CFPB will be publishing in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. These RFIs will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. Previous: Homeowner Needs After Wildfires Fall Short of Expectations Next: Bank of America Posts Solid Results for Q4 2017 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Related Articles The Best Markets For Residential Property Investors 2 days ago January 18, 2018 1,556 Views Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: CFPB Federal Reserve Funding market mulvaney Home / Daily Dose / Mulvaney Requests Zero Funding for CFPB in Q2 Subscribelast_img

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