For the first time since its formation, the Consumer Financial Protection Bureau (CFPB) is requesting zero funds from the Federal Reserve for a fiscal quarter.
CFPB acting director Mick Mulvaney wrote in a letter to Fed Chair Janet Yellen that, based on his assessment of the bureau’s financial status, the agency has more than enough available funds on hand to cover all of its operating costs for the second quarter of fiscal year 2018.
Find out more about this unprecedented decision and what Democrats are saying in response.