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CFPB has 700 on staff

The newly created Consumer Financial Protection Bureau has hired 700 people after conducting a three month hiring spree, according to Raj Date, the bureau’s special adviser.

Several of the bureau’s employees were hired from both state and federal regulating agencies, Date said during a House Subcommittee on Financial Institutions and Consumer Credit hearing on the CFPB’s first 100 days, HousingWire.com reports.

“To achieve our goals, we are working to be transparent and participatory in everything we do,” Date said during his testimony. “Our goal is to be an open agency, sharing with the public not only what we are doing but how we are doing it.”

Critics of the CFPB have been upset with the bureau’s failure to complete a FOIA recently requested by Judicial Watch, a public interest organization. The sections that were filled out, however, indicated that the CFPB has been hiring at salaries twice the maximum ordinarily allowed by the Office of Personnel Management.

Date told the committee the bureau was off to an “exceptional beginning.” It already has bank examiners on-site at big banks and is fielding complaints from consumers, according to HousingWire.com.  

According to Date, CFPB staff is already reading through 22,000 received public comments on prototype mortgage disclosure forms recently proposed by the CFPB.

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