CFPB spends $300 million in fiscal year ending Sept. 30

cfpbThe CFPB said in its third semi-annual report to Congress that for the fiscal year ending Sept. 30, the regulator incurred nearly $300 million in expenses, including $134 million spent on employee compensation for its 970 employees.

As of Dec. 31, the CFPB requested $136.2 million in funding transfers from the Federal Reserve Bank to be used for the agency’s operations and activities for the first quarter of the year. The funds are held for the CFPB at the Federal Reserve Bank of New York, while funds not used for current expenses are invested in U.S. Treasury securities. Investment earnings are deposited into the CFPB’s account.

If authorized funding from the Federal Reserve is inadequate for fiscal years beginning in 2010 and ending in 2014, the CFPB has the authority to request up to $200 million in additional funds from Congress, which would then be subject to the congressional appropriations process. The CFPB does not plan to request additional funds for this year or next year.

As of Dec. 31, the end of the first quarter of the fiscal year, the agency had spent $85.9 million, including $45 million in employee compensation and benefits for the 1,073 agency employees on-board as of Dec. 15.

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