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Monday, April 1, 2013

CFPB’s Semi-Annual Report to Congress Submitted

The CFPB has submitted its third semi-annual report to Congress.
From the report:

In FY 2012, which ended on September 30, 2012, the CFPB incurred $299.76 million in obligations. Approximately $134 million was spent on employee compensation and benefits for the 970 CFPB employees on-board by September 30, 2012.

As of December 31, 2012, the CFPB had requested transfers from the Federal Reserve totaling $136.2 million to fund CFPB operations and activities for the first quarter of FY 2013.

These funds are held in an account for the Bureau at the Federal Reserve Bank of New York. Funds that are not funding current needs of the CFPB are invested in Treasury securities. Earnings from those investments are also deposited into the Bureau’s account.

If the authorized transfers from the Federal Reserve are not sufficient in FY2010 - 2014, the CFPB has the authority to ask Congress for up to $200 million in additional funds, subject to the appropriations process. The CFPB does not plan to request an appropriation in FY2013 or FY 2014.

As of December 31, 2012, the end of the first quarter of FY 2013, the CFPB had spent $85.9 million. The CFPB spent approximately $45 million on employee compensation and benefits for the 1,073 CFPB employees who were on-board as of December 15, 2012.

Read the full report.
Read more about the CFPB's budget.

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