The consumer bureau charged with consumer financial protection under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) may not legally request funds “at this time” from the Federal Reserve, the bureau said in a notice Tuesday, Veterans Day.
The bureau said it expects to have sufficient funds to continue operations until “at least” Dec. 31.
The Consumer Financial Protection Bureau (CFPB), currently headed in acting capacity by Office of Management and Budget Director Russell Vought, said it filed its notice informing the court of this in the suit NTEU v. Vought. It said the Justice Department’s Office of Legal Counsel (OLC) issued the finding.
“OLC made this conclusion on the basis that the Federal Reserve System currently lacks any ‘combined earnings’ from which the Bureau may draw funding, as required by Dodd-Frank,” the CFPB said Tuesday. “OLC opinions are binding upon Executive Branch agencies including the Bureau.”
CFPB Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
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