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Friday, April 12, 2013

CFPB’s FY 2013 & 2014 Budget Released

The CFPB has released its Strategic Plan for Fiscal Years 2013 – 2017 and its Annual Performance Plan and Report for FY 2013 and Budget for FY 2013 and FY 2014.

The CFPB’s FY 2013 budget totals $541 million, an 81% increases from FY 2012. Funding required to support the CFPB’s operations is obtained primarily through transfers from the Board of Governors. Transfers to the CFPB in FY 2013 are capped at $597.6 million.

The estimated FY 2013 budget is $497 million, 66% above the FY 2012 budget. The transfer cap for FY 2014, as adjusted by an annual inflation indicator, is currently estimated to be $608.4 million.

The CFPB’s Strategic Plan for FY 2013 – 2017 identifies four main goals:
  • Preventing financial harm to consumers while promoting good practices that benefit them. 
  • Empower consumers to live better financial lives. 
  • Inform the public, policy makers, and the CFPB’s own policy-making with data-driven analysis of consumer finance markets and consumer behavior. 
  • Advance the CFPB’s performance by maximizing resource productivity and enhancing impact.

Read the reports.

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