CFPB Requests Funding from the Federal Reserve for Q2

Today, January 9, 2026, the Acting Director of the CFPB requested $145 million from the Federal Reserve. The CFPB filed a notice in the District Court in the NTEU v. CFPB case that included the Acting Director’s letter requesting the funds from Federal Reserve Chairman Powell. The letter states that the Acting Director disagrees with the District Court’s opinion that the CFPB must request funds to comply with its preliminary injunction (which I discuss here), and then states that he has determined that $145 million is “the amount necessary to carry out the Bureau’s authorities for the second quarter of Fiscal Year 2026.” This request was only for Q2 of 2026, not the whole year. Recall that the Acting Director’s recent report to Congress and the President identified a “funding need” for the 2026 fiscal year of about $279 million (which I wrote about here). In light of this, questions still remain. Is the Acting Director still planning to challenge the District Court’s funding decision and defend against the other pending lawsuits regarding the CFPB’s funding? Does this represent enough in funding to keep some or all of the CFPB’s staff from being furloughed? We will keep you updated.

Please email me at rich@garrishorn.com if you would like to discuss the issues in this blog post.