One of the structural criticisms of the CFPB since its inception has been its budget, which is not allocated by Congress, but is transferred from the Federal Reserve System.
For 2015, the CFPB estimates its budget will increase to $583.4 million, which is an increase of 2.4 percent from this year’s budget. The CFPB recently issued a lengthy strategic plan that outlines the goals of the organization and allocated financial resources. The document drills down into each priority of the organization and provides explanations of budgetary allocations. Not surprisingly, the largest portion of the CFPB budget is enforcement, at 47 percent of the total for 2014 and for 2015.
The report is clearly an effort to provide transparency and to shed light on the Fed allocation funding mechanism that is distinct from other government agencies.
If you have any questions about this report, please contact Spilman or other knowledgeable counsel.