Monday, 19 February, 2018

Mulvaney requests 'zero' money for CFPB

Bill Clark  CQ-Roll Call Group Bill Clark CQ-Roll Call Group
Preston Stone | 19 January, 2018, 02:20

We think it highly likely that, at the end of the day, the new Director (whether Mick Mulvaney in an acting capacity or the as-yet-to-be-appointed permanent successor to former Director Cordray) will repeal the Payday Rule while he or she considers other options that can preserve the product and limit the potential for consumer injury. On Oct. 12, Cordray requested $217.1 million for the first quarter of 2018.

One of those Congressional Republicans was Mulvaney, who as a Republican representative from SC, once called the CFPB a "sick joke" of an agency.

In a letter to the Federal Reserve, which directly funds the Consumer Financial Protection Bureau, Mick Mulvaney said the bureau has on deposit $177.1 million to cover emergencies and contingencies, which Mulvaney says is too large.

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. He also questioned whether the the law even allows the CFPB to maintain such a reserve fund.

"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. Mr. Mulvaney said he would spend the reserve further before making a budget request from the Fed.

New leaks show off next-gen Xbox Elite Controller
Microsoft filed a patent in December with an adjustable lock design for the thumbsticks, and the images match it exactly. Let's also not forget that the company is also testing the new model with a new case that it's going to charge it.

"The "Bureau Fund" Mulvaney referred to is the Bureau of Consumer Financial Protection Fund at the Federal Reserve Bank of NY, the CFPB's bank account and home to what Mulvaney called a "'reserve fund' to address possible financial contingencies". He argued that the funding from the Federal Reserve could better be used to reduce the federal deficit.

On Wednesday, forty Democrats - led by Senators Jeff Merkley, Sherrod Brown and Elizabeth Warren - sent a letter to Senate leaders to reject any government funding deals that would subject the CFPB's funding to political interference.

"The President looks forward to seeing Director Mulvaney take a common sense approach to leading the [Consumer Financial Protection Bureau's] dedicated staff, an approach that will empower consumers to make their own financial decisions and facilitate investment in our communities", the White House said in a statement.

Then, on Wednesday, Mulvaney announced that all of the bureau's activities would be put under review. "More consumer protection, less social engineering and staying consistent with what the statute actually says".

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