The CFPB has released its financial update for the third quarter of FY 2013 (April 1-June 30, 2013). Although the CFPB’s FY 2013 budget was based on funding 1,214 employees, the update indicates that the CFPB had 1,226 employees as of June 30.
In the update, the CFPB reports that the obligations it incurred during the third quarter included:
$6.7 million for maintaining operations of the CFPB’s consumer contact center and enhancements to the case management database
$3.6 million to continue implementing a tool for reviewing loan and deposit portfolios for compliance with federal consumer financial laws
$1.2 million for management and consulting services for the CFPB’s Office of Consumer Response
Under Dodd-Frank, the CFPB is entitled to approximately $598 million in funding from the Fed in FY 2013. The update indicates that as of June 30, 2013, the CFPB had received $323.2 million in transfers from the Fed during FY 2103.
It also indicates that as of March 31, 2013, the CFPB had received civil money penalties totaling $46.1 million. During the third quarter of FY 2013, the CFPB collected an additional $15.4 million in civil money penalties. According to the update, of the CFPB enforcement actions that had concluded as of March 31, 2013, only the enforcement actions against Payday Loan Debt Solution, Inc. and three settling defendants in the Chance Gordon case had classes of victims with “uncompensated harm” compensable from the Civil Penalty Fund. Approximately $10.5 million of the fund was allocated to compensate those victims and approximately $13.4 million was allocated to consumer education and financial literacy programs.