The Consumer Financial Protection Bureau (CFPB) has informed Congress, the president and a federal court the bureau will need $279.6 million to perform its statutorily required activities through Sept. 30, 2026.
Russ Vought, acting CFPB director and head of the Office of Management and Budget, wrote to President Donald Trump and the appropriations committees for both the House and the Senate to inform them of the bureau’s funding needs, in accordance with Sec. 5497(e)(1)(B) of Title 12 of the U.S. Code.
Vought also sent a copy of the letter to the U.S. D.C. Court of Appeals, where the bureau has asserted it will inevitably exhaust all of its funding early next year. Vought and the bureau have claimed the agency will be unable to draw more funds from the Federal Reserve, as long as the central bank is unprofitable.
Legal experts have since challenged the CFPB’s interpretation of federal statutes pertaining to the bureau’s ability to draw funds from the Fed.
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