CFPB Must Continue Seeking Fed Funds, Consumer Groups Tell Court

A federal judge in California should require Russell Vought, the Consumer Financial Protection Bureau’s acting director, to continue seeking money to fund the agency, even though he obtained an initial tranche of funding last month, consumer advocates said.

Vought requested $145 million from the Federal Reserve in January only after a federal judge in Washington said he had to, Stephanie Garlock, a Public Citizen Litigation Group and former CFPB attorney representing the consumer groups, said at a Wednesday hearing in the US District Court for the Northern District of California.

That doesn’t mean he will do so in the future, ...