Mulvaney's request of zero new dollars for the second quarter of the year was first reported by Politico.
While Mulvaney said the CFPB's expects to spend $145 million in the next quarter, he intends to fund it through the bureau's $177 million emergency reserve account with the Fed's NY branch.
"Simply put, I have been assured that the funds now in the bureau fund, are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter while striving to be efficient, effective and accountable", said acting CFPb Director Mick Muvlaney.
Mulvaney's empty request is his latest effort to reshape and reign in the CFPB.
Then, on Wednesday, Mulvaney announced that all of the bureau's activities would be put under review. "By scrapping this rule, Mulvaney will allow his campaign donors to continue to generate massive fees peddling some of the most abusive financial products in existence".
The announcement came the day after the bureau said it would consider revising or repealing regulations created to protect consumers against harmful payday lenders. The bureau filed the request on October 12, and it was granted on October 18.
"I see no practical reason for such a large reserve, he wrote". He also questioned the legality of maintaining the backup account and promised to slash it.
Now, the CFPB "is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives".
As of last year, the CFPB's estimated budget for fiscal year 2018 was $630.4 million. Mulvaney said he expects the agency only needs $145 million in the second quarter. He said that while the saving wouldn't make much of dent in the deficit, "the men and women at the Bureau are proud to do their part to be responsible stewards of taxpayer dollars".