The Director of the Consumer Financial Protection Bureau Requests Zero Funding
In his first quarterly funding request as acting director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney asked for nothing. "This letter is to inform you that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0," he wrote to the Federal Reserve, which provides the agency's funding. Mr. Mulvaney stated his reason for this request: The CFPB already has sufficient funds to carry out its mandates, and he saw no practical reason for the CFPB to maintain a large "reserve fund."
This is yet another indication of the hands off regulatory approach that Mr. Mulvaney intends for the CFPB. The CFPB is the primary enforcer of RESPA, a federal law that prohibits referral fees and kickbacks
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DAVID S. FISHER, ESQ.
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