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CFPB releases fiscal year budgets through 2017

cfpbThe CFPB recently released its budgets for this fiscal year through 2017, as well as its annual performance plan and reports.

Its budget for this year totals $541 million, an 81 percent increase from last year’s budget. Twenty-nine percent of the budget will go towards providing centralized services, 28 percent will go towards supervision, enforcement and fair lending and 17 percent will go towards operations.

The agency’s budget for next year is estimated to be $497 million, reflecting staff increases and new data, equipment and technology investments. One-third of the agency’s budget for next year will go towards supervision, enforcement and fair lending.

Additionally, the agency listed four strategic goals, including preventing financial harm to consumers “while promoting good practices that benefit them,” empowering consumers to make better financial decisions, informing the public and policymakers using data-driven analysis and advancing the agency’s performance through the maximization of resource productivity and by enhancing impact.

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