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US CFPB says it cannot lawfully draw funds from Federal Reserve

( November 12, 2025, 22:18 GMT | Official Statement) -- MLex Summary: The Consumer Financial Protection Bureau said in a court filing and a press statement that the Department of Justice’s Office of Legal Counsel has determined that the CFPB "may not legally request funds at this time from the Federal Reserve under Dodd-Frank." The DOJ opinion came after Russell Vought, director of the US Office of Management and Budget, requested an opinion about whether the CFPB could withdraw operating funds from the Federal Reserve if it was unprofitable. The DOJ's legally binding opinion is that if the Fed has no profits, it can't transfer money to the CFPB, but that the agency is "not without recourse" because it could seek funding from Congress. The CFPB said it anticipates having sufficient funds to continue operations until at least Dec. 31.Statement follows below. See attached file....

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