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Friday, May 4, 2012

Congress Requesting More CFPB Budget Details

Members of the House Committee on Financial Services wrote to CFPB Director Richard Cordray reiterating their requested for additional information regarding the CFPB’s budget. The members were disappointed with the CFPB’s most recent responses to their request for follow up information from Cordray’s testimony on February 15, 2012.

The committee members note the CFPB is “being funded solely by the Federal Reserve Board (Fed). Every dollar the Fed sends to CFPB is one less dollar that can be used toward deficit reduction."

The committee is requesting:
  • “copies of any financial operating plans and forecasts,” 
  • a more detailed Fiscal Year 2013 Budget Justification, 
  • the release of the CFPB’s written performance measures on or before July 21, 2012, 
  • the agreement of the CFPB to provide transfer requests to Congress 48 hours prior to officially requesting a transfer of funds from the Fed, 
  • a detailed construction and rehabilitations budget, and 
  • the specifics on the CFPB’s “detailed process” for determining employment needs in writing.

Read the full letter.

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