Saying that the bureau has a sufficient reserve fund to pay for its operations, Acting CFPB Director Mick Mulvaney said Thursday that the bureau will request no money from the Federal Reserve for its operations during the Second Quarter of FY18.

Under Dodd-Frank, the bureau is funded by the Fed and for each quarter, former Director Richard Cordray requested money in a letter to Fed Chairman Janet Yellen.

For the first quarter of FY18, Cordray requested $217 million, according to a letter he sent to Yellen on Oct. 12.

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