Mulvaney requests 'zero' money for CFPB

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On Oct. 12, Cordray requested $217.1 million for the first quarter of 2018. When Mulvaney took over the agency in late November, he quickly went through its financials and found the agency had over $177 million on hand.

In a letter to the Federal Reserve, which directly funds the Consumer Financial Protection Bureau, Mick Mulvaney said the bureau does not need any new funds to operate during its second quarter.

"Moreover, I see no practical reason for such a large reserve, since I am informed that the (Fed) has never denied a bureau request for funding and has always delivered requested funds in a timely fashion", Mulvaney wrote. Mr. Mulvaney said he would spend the reserve further before making a budget request from the Fed.

"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.

Yes! It is exactly what it seems like as Mulvaney hasn't requested a penny from the Federal Reserve.

Mick Mulvaney Trump’s head of the Consumer Financial Protection Bureau. | Jacquelyn Martin  AP
Mick Mulvaney Trump’s head of the Consumer Financial Protection Bureau. | Jacquelyn Martin AP

Karl Frisch, executive director of consumer watchdog organization Allied Progress, said the budget request "can be no clearer signal" of Mulvaney's aim to "defang and dismantle" the bureau. ABA continues to advocate for greater transparency and stronger oversight of the CFPB, and has previously expressed its view that the bureau should be led by a bipartisan commission rather than a sole director and subject to the annual congressional appropriations process. Politico first reported the request letter.

The senators wrote the agency's efforts have already been "undermined" with the appointment of Mulvaney as the interim director given his current role as Office and Management Budget director.

Mulvaney also framed his decision to decline funding as a way to reduce the national debt, since the Fed's earnings are occasionally turned over to the Treasury Department. In 2014 he called it a "sick, sad joke" and he announced Tuesday that the bureau would "reconsider" a planned CFPB rule to regulate predatory payday lenders.

Mulvaney said he expects the agency only needs $145 million in the second quarter. Instead, it would be taking a closer to make sure the agency was complying with the law.

The payday lending rule, which was finalized previous year when the bureau was under Obama-era leadership, imposes limits on how frequently a lender can offer, collect on and extend high-interest loans with deadlines of only a few weeks. "More consumer protection, less social engineering and staying consistent with what the statute actually says".

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