CFPB to increase staff, cut budget after headquarter renovation

cfpbCFPB CFO Stephen Agostini told lawmakers last Tuesday that the CFPB will increase its staff but will reduce its budget after the renovation of its Washington, D.C. headquarters.

The CFPB’s 2013 budget totals $541 million, and its 2014 estimate totals $497 million. The budget provides for a staff increase and systems development at the CFPB’s Division of Supervision, Enforcement and Fair Lending.

“In order to successfully achieve our strategic goals and comply with our Congressional mandate, we expect to continue to increase the Bureau’s full time staff over FY 2012 levels,” Agostini said. “More than 40 percent of the growth in staff over the next two fiscal years will support Supervision, Enforcement and Fair Lending sctivities, including the continued build-out of a regional examination workforce. The Bureau will also ensure sufficient capacity to handle an increasing volume of consumer complaints. The budget for personnel compensation and benefits fund an expected 1,214 full-time equivalent employees in fiscal year 2013 and 1,545 in fiscal year 2014.”

Agositini also pointed to the agency’s staffing of “talented professionals from diverse backgrounds,” adding that staff share “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.”

The CFPB has hired more than 300 new employees since the beginning of the fiscal year, and Agositini said the agency will continue to “staff up toward a steady state.”

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