House GOP Challenges CFPB on Spending, Staffing

The Consumer Financial Protection Bureau must be held accountable for its spending plans, write several members of Congress in a letter to CFPB Director Richard Cordray this week. Challenging the agency on its budgeting and funding allocations, three House Financial Services Committee members stress the need for transparency.

“Every dollar the Fed sends to CFPB is one less dollar that can be used toward deficit reduction,” the letter states. “It is therefore imperative that we monitor CFPB’s budget to ensure that the Bureau is, in fact, being held accountable for its spending decisions.”

The congressmen restate a request for documentation on spending from the CFPB including financial plans and forecasts, budget justification, performance measures and others, challenging the CFPB on several points such as its plans for building a headquarters and staffing. It deemed past information submitted by the CFPB unsatisfactory. Citing testimony from a February hearing, the letter targets the agency’s process for hiring.

“Based on this testimony, we understood CFPB to have a written process for hiring. The high level narrative provided in your response was not instructive,” the letter states. “Will you commit to providing, in writing, specifics on CFPB’s ‘detailed process’ for determining employment needs?”

The CFPB has stated plans to hire as many as 120 enforcement staff among its near-800 staff total.

View the letter.

Written by Elizabeth Ecker

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