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CFPB releases 2012 fiscal report

The Consumer Financial Protection Bureau recently released its 2012 financial report, which includes a management discussion and analysis of the agency.

“Since its inception, the CFPB has grown in the number of employees and the corresponding funding needed to carry out its duties and responsibilities,” the report said. “At the end of fiscal year 2012, the CFPB was still below the full employment levels and funding it estimates for its steady state in future years.”

During the fourth quarter of 2012, the agency filled 970 positions, an increase from 663 positions filled in the fourth quarter of 2011. As of Sept. 30, approximately half of the CFPB’s positions were related to fair lending, supervision and enforcement; nine percent were in research, markets and regulations; and 4.5 percent were in the legal department.

The CFPB also requested $343.3 million in fund transfers, up from $161.8 million in 2011 and $18.4 million in 2010.

Additionally, the agency received more than 74,000 consumer complaints, 48 percent of which were mortgage-related, 26 percent were related to credit cards, 17 percent related to bank accounts and service, four percent related to student loans, three percent related to consumer loans and two percent related to other areas of complaint.

As required by the 2010 Dodd-Frank Act, the CFPB must provide a statement by management asserting the effectiveness of the CFPB’s internal financial reporting controls. The agency said in the report that the CFPB “can provide reasonable assurance that its internal control over financial reporting…was operating effectively and no material weaknesses were found in the design or operation of the internal control.”

The CFPB also included a breakdown of programs and services funded by the agency, revealing that the agency’s net cost of operation for its three strategic mission of consumer education and engagement, research, markets and regulation and supervision, enforcement, fair lending and equal opportunity was $246.2 million.