Consumer Financial Protection Bureau Acting Director Russell Vought has requested $75.8 million from the Federal Reserve to fund the bureau through the end of June, according to a recent court filing.
The CFPB is unique among federal agencies in that its funding comes through a request by the bureau’s director to the Fed. Both Vought and President Trump have said they want to close the bureau. However, two courts have ruled against the administration in separate lawsuits, with both finding that only Congress has that authority.
Vought previously requested $145 million to fund the Fed through the end of March. In a new request shared with the U.S District Court for Eastern Oregon, the acting director said that he determined the agency only needed $75.8 million for the next few months, although he disagreed that it needed even that much.
“I believe that the bureau can perform its statutory duties with a significantly smaller budget and provide the number above to comply with the referenced court order,” Vought wrote.
In related news, the CFPB recently released a draft strategic plan to guide the agency’s actions for the next four years. Among other things, the plan calls on the bureau to reduce unwarranted regulatory burdens.
