American Banker: ‘I am not trying to starve the agency,’ CFPB chief reiterates

American Banker, January 23, 2018: ‘I am not trying to starve the agency,’ CFPB chief reiterates

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, reiterated on Tuesday that his zero-funding request for the agency is not meant to drain it of resources.

In a recent letter to Federal Reserve Board Chair Janet Yellen, Mulvaney requested zero additional funds for the CFPB in the second quarter of fiscal year 2018. While the request was met with suspicion by agency critics, Mulvaney has stressed that the bureau already has sufficient resources in a $177 million reserve. The bureau has projected needing $145 million in the second quarter.

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