Nov. 11 (UPI) -- The Consumer Financial Protection Bureau cannot legally be funded by the Federal Reserve after spending its congressionally allocated funds, the Justice Department said in a federal court filing.
The CFPB anticipates expending all allocated funds early next year and cannot continue without receiving funding from Congress, Assistant Attorney General Brett Shumate and other officials said Monday in a notice to the U.S. Court of Appeals for the District of Columbia.
"The bureau does not know whether and the extent to which Congress will appropriate funding to pay the expenses of the bureau," Shumate said.
When appropriations funding lapses, federal agencies cannot approve related spending or other obligations that exceed their currently available funds, he said.
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