Obama budget gives CFPB, Treasury financial lifelines
Both the Treasury and the Consumer Financial Protection Bureau appear to have more 'spending flexibility' based on President Obama’s 2014 budget proposal.
Still, the CFPB has already said it's unlikely to spend up to the new capped limit for fiscal 2014.
Obama’s budget shows fund transfers from the Federal Reserve to the CFPB capped at $608.4 million adjusted for inflation in fiscal 2014, up from $597.6 million in 2013.
However, the bureau expects to request less than the cap, with the agency’s funding estimates coming in around $522 million for 2013 and $497 million for 2014, according to the White House Budget.
The CFPB also has permission to request up to $200 million in discretionary appropriations if the amount transferred from the Fed is not sufficient.
Furthermore, President Obama’s 2014 budget allots $14.2 billion in discretionary funding to the Treasury, a 7.7% increase from 2012.
The President’s plan for the Treasury highlights the administration’s ongoing commitment to the implementation of the Dodd-Frank Act, as well as the survivability of the Home Affordable Modification Program.
The budget suggests the president is “vigorously” supporting agencies that oversee the markets for consumers and investors.
This commitment is reflected in the budget’s planned increases for the Securities and Exchange Commission and the Commodity Futures Trading Commission. The SEC's budget came in about 27% higher, while the CFTC's rose 54%, based on the president's budget estimates for the agencies.