The CFPB said OLC reached its conclusion "on the basis that the Federal Reserve System currently lacks any 'combined earnings' from which the Bureau may draw funding, as required by Dodd-Frank."
"OLC opinions are binding upon Executive Branch agencies including the Bureau," the CFPB said in the press release.
The Bureau said it "anticipates having sufficient funds to continue operations until at least December 31, 2025."
The press release did not identify the OLC opinion by date or number, did not describe when or why the Federal Reserve System's combined earnings reached the level OLC identified, and did not state what steps the Bureau will take when its existing funds are exhausted.
The notice was filed in NTEU v. Vought. The press release did not describe the posture of that case or identify the court.
Media contacts listed on the release were Rachel Cauley and Alexandra McCandless.