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St. Thomas Moore’s influence on the recast CFPB

Joe Mont | January 24, 2018

The reshaping of the Consumer Financial Protection Bureau at the hands on Acting Director Mick Mulvaney continued unabated this week.

After embattled CFPB Director Richard Cordray vacated his post on Nov. 24, a prelude to launching a gubernatorial campaign in his home state of Ohio, President Trump appointed White House Budget Director Mick Mulvaney as the agency’s interim leader.

Mulvaney recently made his mark on the agency’s budget.

The CFPB, unlike other agencies and in an effort by its Dodd-Frank Act architects to secure its political independence, is exempt from the process of Congressional budget approval. Instead, funding requests filter through the Board of Governors of the Federal Reserve and funded by the Federal Reserve.

 “This letter is to inform you that for the second quarter of Fiscal Year 2018, the Bureau is requesting $0,” Mulvaney wrote in his first quarterly budget request. “Simply put, I have been assured that the funds currently in...

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