Mulvaney Makes Quarterly CFPB Budget Request from Fed; Asks for $0

This morning CFPB Acting Director Mick Mulvaney submitted what is a routine quarterly budget request to the Chair of the Board of Governors of the Federal Reserve. The amount of the request, however, was not routine. He requested $0.

You can read the letter here in its entirety.

Mulvaney says the reason for the (lack of) request is because he is told projected expenses for the upcoming quarter are $145 million, and that the Bureau currently has $177.1 million in the bank. He proceeds to note, 

"My understanding is that previous Bureau leadership opted to maintain a 'reserve fund' to address possible financial contingencies, although I know of no specific statutory authority requiring the establishment or maintenance of such a reserve. 

...Finally, as net earnings of the Federal Reserve System are periodically remitted to the Treasury, this request - or lack thereof - will serve to reduce the federal deficit by the amount that the Bureau might have requested under different leadership. 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."

Former CFPB Director Richard Cordray made the following recent requests for funding:

• October 12, 2017: $217,100,000
• July 31, 2017: $84,600,000
• April 17, 2017: $125,600,000
• January 17, 2017: $145,700,000
• October 14, 2016: $246,100,000

The new CFPB management has been busy. Yesterday they announced a "call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers." This will entail a comprehensive review of all CFPB departments, with a request for feedback from the public on their effectiveness.