This story appeared in Bank Digest.
In a funding request letter to the Federal Reserve Board, Consumer Financial Protection Bureau Acting Director Mick Mulvaney said that $98,500,000 would be necessary to carry out the authorities of the Bureau for the third quarter of fiscal year 2018. As required by law, each fiscal quarter the Fed transfers to the CFPB the amount of funds formally requested by the director.
In his letter, Mulvaney asserted that the Bureau should be funded through congressional appropriations and that the current funding mechanism "denies the American people their rightful control over how the Bureau spends their money, which undermines the Bureau's legitimacy." In spite of this, Mulvaney acknowledged that he was "bound to execute the law as written" and proceeded to request the funds for the third quarter.