As the CFPB gets its feet wet in monitoring and enforcing consumer financial protections, it has come under examination on another front: how much it costs.
CFPB Director Richard Cordray presented testimony last Wednesday before members of a House Financial Services subcommittee in defense of the CFPB’s increasing price tag for taxpayers. According to the Administration’s latest budget proposal released Monday, the cost of the agency will amount to $448 million in 2013. Because it is not subject to the congressional appropriations process, it also has the ability to request more.
See below for the breakdown of the CFPB Budget.