CFPB Director Says He’ll Make Do With Existing Budget

Mick Mulvaney, President Donald Trump’s appointed acting director of the Consumer Financial Protection Bureau (CFPB), did not request any funding for the watchdog agency in the second quarter budget.

A report in the Associated Press cited a letter Mulvaney sent to the Federal Reserve — the government entity that funds the CFPB — in which he said he is going to spend the CFPB’s rainy day fund before asking for more funding. He noted there is $177.1 million set aside to cover emergencies and contingencies, that the amount is too high and that he will spend $145 million of that first before making any requests.

According to the report, that $145 million is nearly the same amount former CFPB director Richard Cordray requested for the second quarter of last year. Mulvaney also noted the money not being tapped by the CFPB could be used by the U.S. Treasury Department to pay down some of the government’s debt.

In addition, Mulvaney, an outspoken critic of the CFPB, is seeking comment from the public to ascertain how the agency is doing. In a press release published Wednesday (Jan. 17), the CFPB said it is issuing a “call for evidence” to ensure the agency, created by the Obama administration, is acting in an appropriate manner to best protect consumers.

The CFPB said it will publish a series of requests for information in the Federal Register in the next few weeks, seeking comments on enforcement, supervision, rulemaking, market monitoring and education efforts, among other elements. The request for information will give the public an opportunity to provide feedback and offer up suggestions to improve the agency.

The first request for information will deal with civil investigative demands, the CFPB said, which the agency noted are issued as part of an enforcement investigation. Comments will help determine if any changes to the processes and procedures are necessary.