House Freedom Caucus Chairman Andy Harris (R-MD) and Rep. Marlin Stutzman (R-IN) cheered Acting Consumer Financial Protection Bureau (CFPB) Russ Vought’s efforts to ensure that the Bureau is accountable to the American people by ending unlawful funding through the Federal Reserve.

Last week, the CFPB filed a notice with a court in NTEU v. Vought that the Justice Department’s Office of Legal Counsel (OLC) determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank.

The Justice Department legal office found that the Federal Reserve lacks “combined earnings” from the CFPB, as stipulated by the Dodd-Frank law. OLC opinions are binding for executive agencies, including the Bureau. Its funding would continue through the end of the year. H

See Full Page