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Like his FY 2018 and FY 2019 budgets, President Trump’s FY 2020 budget would make the CFPB subject to the regular Congressional appropriations process.

Pursuant to Section 1017 of the Dodd-Frank Act, subject to the Act’s funding cap, the Fed is required to transfer to the CFPB on a quarterly basis “the amount determined by the [CFPB] Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year.)”… Continue Reading

The CFPB has released its financial update for the third quarter of FY 2013 (April 1-June 30, 2013).  Although the CFPB’s FY 2013 budget was based on funding 1,214 employees, the update indicates that the CFPB had 1,226  employees as of June 30.  

In the update, the CFPB reports that the obligations it incurred during the third quarter included:

  • $6.7 million for maintaining operations of the CFPB’s consumer contact center and enhancements to the case management database
  • $3.6 million to continue implementing a tool for reviewing loan and deposit portfolios for compliance with federal consumer financial laws
  • $1.2 million for management and consulting services for the CFPB’s Office of Consumer Response 

Under Dodd-Frank, the CFPB is entitled to approximately $598 million in funding from the Fed in FY 2013. … Continue Reading

Continuing to press their case that the CFPB is not sufficiently accountable to Congress, Republican members of the House Financial Services Committee made the CFPB’s spending habits the focus of criticism at the committee’s hearing this past Tuesday on “CFPB Budget Review.”  

The only witness was Stephen Agostini, the CFPB’s Chief Financial Officer.  … Continue Reading

Tomorrow, June 18, the House Financial Services Committee will hold a hearing on “CFPB Budget Review.”  According to the memo to Committee members from Committee Majority Staff, the hearing “will examine the past and planned obligations and expenditures of the Consumer Financial Protection Bureau (CFPB) for fiscal years 2011-14, the purpose and propriety of such obligations and expenditures, and whether the absence of CFPB accountability to Congress has an impact on such obligations and expenditures.” … Continue Reading

The CFPB’s FY 2013-FY 2017 Strategic Plan, FY 2013 and FY 2014 Budget, and FY 2013 Annual Performance Plan and Report tracks the Bureau’s focus on supervision and enforcement.  (While Director Cordray’s letter accompanying the report states that the CFPB has combined the three documents into a single report rather than publishing them as separate documents, the Strategic Plan was nevertheless also published as a separate document.) … Continue Reading