CFPB CFO Stephen Agostini spoke before the House Financial Services Committee on Tuesday on the agency’s 2013 and 2014 budgets, which he said will provide additional resources for a number of programs in the next two years.
The agency’s 2013 budget totals $541 million and will support “ongoing operations and new investments in human capital, technology and facilities, as well as consumer research and financial education activities.” The budget also includes a one-time expense to be used in the renovation of the CFPB’s headquarters in Washington, D.C.
The 2014 budget is estimated at $497 million, which Agostini said “reflects continued growth in staff and new investments in technology, data and equipment.”
“While our budget is small relative to other banking agencies, we are committed to using our resources wisely and carefully,” Agostini said. “This means that we rely on performance information to help inform decisions. With this in mind, as we have continued to grow as an agency, we have expanded the suite of measures used to monitor progress towards achieving our strategic and performance goals.”
The CFPB’s Division of Supervision, Enforcement and Fair lending will receive the largest funding increase over the next two years to support extra staff and systems development.
Additionally, the CFPB will make investments in consumer response, consumer education and engagement, its Office for Older Americans and Office of Students and its research, markets and regulations division.
Agostini said the bureau plans to increase the number of staff members working for the agency. More than 40 percent of the staff increase will support supervisory, fair lending and enforcement activities.
“Notwithstanding the challenges faced in being a start-up agency with the broad mandate to protect consumers, the Bureau has attracted and continues to attract talented professionals from diverse backgrounds, including from industry, federal and state government agencies, academia, non-profit organizations and other sectors,” Agostini said. “Our staff shares a common mission of working to ensure that all American consumers have access to consumer financial products and services and that the markets for those products and services are fair, transparent and competitive.”