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CFPB Provides Annual Report to Congressional Appropriations Committee
On Thursday, December 31, 2015, the CFPB presented its annual financial report to the House and Senate Appropriations Committees. The Fiscal Year 2015 report, as required by Section 1017(e)(4) of the Dodd-Frank Act, details the finances of the CFPB, including operating plans, application and sources of CFPB funds, and the results of CFPB operations.
Examples from the report include:
- Civil penalties collected (from 41 defendants) total $183.1 million.
- The CFPB incurred approximately $524.4 million in obligations to carry out the authorities of the Bureau under Federal consumer financial law. Approximately $265.9 million was spent on the 1,529 CFPB employees who were on-board by the end of the fiscal year.
- The adjusted transfer cap was $618.7 million. (The adjusted transfer cap for FY 2016 is $631.7 million.) The CFPB requested transfers from the Federal Reserve totaling $485.1 million to fund CFPB operations and activities through the fourth quarter of FY 2015. These funds are held in an account for the Bureau at the Federal Reserve Bank of New York.