CFPB Second Quarter Spending Totals $36 Million

The Consumer Financial Protection Bureau published its second quarter spending update today, amounting to a total of $36 million.

The spending for the quarter ending March 31 included $13 million in outlays and $23 million in gross obligations, with the largest second quarter expenditures being those relating to staff and administrative services, such as those from the Department of the Treasury, according to the CFPB. The largest expense was a human resources support contract award for $3 million.

In terms of funding, the CFPB received three funding transfers from the Federal Reserve System. Those were pursuant to a request in August for $18.4 million and a second, supplemental request in December for $14.37 million. The first requests in addition to a third request in March for $27.93 million amounted to a total of $60.7 million in Federal Reserve funding in Q2.

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The CFPB is scheduled to launch on July 21 under the Dodd-Frank Act. The Obama Administration has yet to nominate and confirm a director for the bureau, although recent reports indicate there is a short list of candidates for the position, including White House Special Advisor Elizabeth Warren, who has been tasked with setting up the CFPB in advance of its launch. Warren appeared on the Daily Show last week, where she defended the CFPB against attempts to defund and “defang” the bureau.

View the CFPB spending update.

Written by Elizabeth Ecker

 

 

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  • $36 million and the Bureau is not in operations? Yet Ms. Warren is already complaining that her budget will be too small to get done what her idea of what the Bureau needs to get done. How much will it cost to trim down loan packages? Or will it really be trimmed down or just add more “but better” disclosures? It is my belief it will be the latter. A lot of money spent and trees cut down for what?

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