CFPB Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
Summary
• The Consumer Financial Protection Bureau (CFPB) has informed the court that it cannot legally request funds from the Federal Reserve under Dodd-Frank.
• This decision comes from the Department of Justice’s Office of Legal Counsel (OLC), which determined that such requests are not lawful at this time.
Why It Matters for Texas Credit Unions
This is relevant to Texas credit unions as it may impact funding and operations, especially if the CFPB faces financial constraints.
Original Source Material
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.