CFPB Cash Crunch Jeopardizes Staffing, Cybersecurity: The Brief

THE NATION’S consumer finance watchdog is running out of money, jeopardizing its spending on personnel and cybersecurity contracts, and it can’t replenish its coffers under a Republican-imposed funding cap, Evan Weinberger reports.

• The Consumer Financial Protection Bureau, as of early July, was down to $160 million to cover personnel and other expenses through Sept. 30, multiple people familiar with the agency’s financial status said, requesting anonymity to discuss internal budgetary matters. It’s spending around $18 million every two weeks on wages and benefits despite most work being halted.
• Earlier this year, acting CFPB Director Russell Vought declined to request ...