US consumer watchdog says it is legally blocked from accessing funds

Source: Reuters

November 11, 2025 10:25 AM EST Updated 1 hour ago


WASHINGTON, Nov 10 (Reuters) - The top U.S. consumer watchdog said on Monday it was legally prohibited from drawing cash from the Federal Reserve to support continuing operations, but that its current funding should last through the end of this year "at least".

The U.S. Consumer Financial Protection Bureau has declined funding since President Donald Trump took control in February, with Trump and acting Director Russell Vought having called for its elimination. The CFPB's workforce faces mounting uncertainty over its ability to continue to pay them or offer severance while a legal battle plays out over the Trump administration's plans to fire the vast majority of staff.

The agency said in a statement that an administration legal opinion held that because the Federal Reserve System was not currently reporting "combined earnings" under the 2010 statute which created the CFPB, the agency could not lawfully draw funding from the central bank.

The CFPB receives its funding directly from the Fed, unlike federal agencies for which Congress appropriates money annually. "The Bureau anticipates having sufficient funds to continue operations until at least December 31, 2025," it said. A Federal Reserve spokesperson declined to comment.

Read more: https://www.reuters.com/sustainability/boards-policy-regulation/us-consumer-watchdog-says-it-is-legally-blocked-accessing-funds-2025-11-11/

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They will manufacture any type of loophole or excuse to destroy the parts of the federal government explicitly designed to benefit and help consumers.