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CFPB Spends $524 Million in Fiscal Year 2015.

Byline: J. Daniel Young

The CFPB released its annual report to the House and Senate Committees on Appropriations on Dec. 31.

Covering the time period beginning Oct. 1, 2014 and ending Sept. 30, 2015, the bureau reported it spent approximately $524.4 million, which included $265.9 million toward employee compensation and benefits for the 1,529 CFPB employees who were with the agency at the end of the fiscal year. Employee compensation totaled $192.3 million and benefits compensation totaled $73.7 million.

The agency also reported its contractual obligations at $191.7 million. Some of its significant obligations included $21.7 million for maintaining ongoing operations of the CFPB's consumer contact center and case management database; $14.7 million to the Federal Reserve Board for shared IG support services; $14.4 million to the Department of Treasury for information technology infrastructure and other administrative services; $12.1 million for a one-year building occupancy agreement with the Office of the Comptroller of the Currency; and $10.0 million for a one-year building occupancy agreement with the General Services Administration for the CFPB's temporary headquarters office space.

Additionally, the CFPB reported it collected $183.1 million in civil penalties for FY2015. Chief among the monies collected by the bureau were $21 million from Wells Fargo, $15 million from Green Tree Servicing, LLC, $35 million from Citibank and $30 million from Chase Bank, USA.

The report also outlined a host of efforts made to improve and expand the capabilities of the CFPB's Consumer Complaint Database, as well as its Complaint Snapshot report, and new exam producers and supervisory guidance for financial institutions.

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Publication:Credit Union Times
Date:Jan 6, 2016
Words:271
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