CFPB Tells Court It Cannot Draw Federal Reserve Funds After OLC Opinion

The Consumer Financial Protection Bureau notified a federal court Wednesday that the Justice Department's Office of Legal Counsel has concluded the agency may not lawfully request funding from the Federal Reserve under Dodd-Frank, a determination the Bureau said is binding on it and leaves it with sufficient funds to operate at least through the end of 2025.

The notice was filed in NTEU v. Vought, according to a CFPB press release.

The Bureau 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.

The agency said it "anticipates having sufficient funds to continue operations until at least December 31, 2025."

The release did not describe the posture of the NTEU v. Vought litigation, identify the court, or say what relief, if any, the notice asks the court to take. The CFPB listed Rachel Cauley and Alexandra McCandless as press contacts.

Court

Consumer Financial Protection Bureau

Case Name

CFPB Tells Court It Cannot Draw Federal Reserve Funds After OLC Opinion

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