CFPB Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
AI Summary
• The CFPB informed the court it cannot legally request funds from the Federal Reserve under Dodd-Frank.
• This decision affects how the CFPB can access funding, potentially impacting its operations and regulatory activities.
Texas Relevance
The article does not explicitly mention Texas or any Texas-specific entities. It is a general federal regulation affecting all credit unions nationwide.
Original Content
Washington, D.C.—Today, the Consumer Financial Protection Bureau (CFPB) filed a notice informing the court in NTEU v. Vought that the Department of Justice’s Office of Legal Counsel (OLC) has determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank.