Attorneys General Push for CFPB Funding

Attorneys General Challenge CFPB Funding: A Legal Battle Over Interpretation of Dodd-Frank Act

A coalition of twenty-two state attorneys general is urging a federal judge to compel the acting director of the Consumer Financial Protection Bureau (CFPB) to seek funding from the Federal Reserve, as mandated by the Dodd-Frank Act. The CFPB, established post-2008 financial crisis, has returned over $20 billion to consumers through its consumer protection efforts. The attorneys general argue that director Russell Voughts claim of insufficient funds due to Fed losses is incorrect, as the law clearly states combined earnings from Fed banks should be considered. Federal attorneys, however, maintain that the case is moot and Vought plans to submit a funding request before March 31st. The judge appears skeptical of the governments stance, with a ruling expected before current funds expire on March 31st.

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