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CFPB to Grow Staff Over Next Two Years to Meet Goals

Posted By Esther Cho On June 18, 2013 @ 1:27 pm In Government | No Comments

The ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ (CFPB) plans to grow its staff in order to meet its strategic goals and stay in compliance with its mandate to protect consumers, according to a written testimony from Stephen Agostini, CFO at the bureau.


Agostini, who gave testimony before the ""House Financial Services Committee"":http://financialservices.house.gov/ Tuesday, stated that over the next two fiscal years, CFPB's budget plans for an increase in employees from 1,214 in the Fiscal Year 2013 to 1,545 employees in 2014. So far, the bureau has added 300 new hires in Fiscal Year 2013.


The CFPB's fiscal year budget for 2013 is $541 million, which includes a one-time expense for renovations at the Washington, D.C. headquarters building. The budget for Fiscal Year 2014 is projected at $497 million, according to the testimony.

The division of Supervision, Enforcement, and Fair Lending will be provided with the largest increase in funding over the next two fiscal years.

""More than 40% of the growth in staff over the next two fiscal years will support Supervision, Enforcement, and Fair Lending activities, 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,"" Agostini wrote.

Since the CFPB began operating in July 2011, the bureau has handled more than 130,000 complaints from consumers.

According to the testimony, open positions at the CFPB generate a high level of interest, with hundreds, and at times, thousands of applications received for job openings, while less than 1 percent of applicants receive offers.

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