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Tuesday, December 17, 2013

CFPB Released FY 2013 Financial Report

The CFPB released their FY 2013 Financial Report, which analyzes the Bureau’s performance and structure and reports its 2013 financial statement.

Notably, “the CFPB has grown in the number of employees and the corresponding funding” from 58 employees in the beginning of FY 2011 to 1,335 employees at the end of FY 2013, 45% of which are in the Supervision, Enforcement & Fair Lending Office.

Under the Dodd-Frank Act, the CFPB is funded principally by transfers from the Board of Governors of the Federal Reserve System up to a limit set forth in the statute. Funding is capped at a pre-set percentage of the total 2009 operating expenses of the Federal Reserve System, subject to an annual adjustment. The Dodd-Frank Act explicitly provides that Bureau funds obtained by or transferred to the CFPB are not Government funds or appropriated funds.

During fiscal year 2013, four transfers totaling $518.4 million were received from the Board of Governors.

Read the report.

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