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Monday, March 10, 2014

CFPB Releases Budget Plan

CFPB estimated annual budget for FY 2015 of $583.4 million is 2.4% above the FY 2014 budget of $569.8 million. Activities related to regulation , supervision and enforcement activities will account for 47% of these budgets. Also, the budget for handling and processing consumer complaints will continue to increase due to their increased volume.

The CFPB receives funds from the Federal Reserve System for operating expenses capped at $608.4 million for FY 2014. The bureau is also authorized to collect and retain civil penalties obtained from violators of consumer financial laws, which it then distributes to victims or collects in the Consumer Financial Civil Penalty Fund for consumer education and financial literacy programs.

Read the CFPB report.

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