CFPB - 1

Overview

Mission Statement

To make markets for consumer financial products and services work for Americans by

promoting transparency and consumer choice and preventing abusive and deceptive financial 

practices.

Program Summary by Budget Activity

Dollars in Thousands

FY 2010 FY 2011 FY 2012 Change FY10 to FY12

Actual Estimated Estimated $ Change % Change

 Consumer Financial Protection Bureau $9,200 $142,825 $329,045 $186,220 130%

Total Resources $9,200 $142,825 $329,045 $186,220 130%

Total FTE 0 342 1,225 883 258%
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Table of Contents

Overview ...................................................................................................................................1

 Mission Statement..................................................................................................................1

 Program Summary by Budget Activity..................................................................................1

Section 1 – Purpose ..................................................................................................................3

 1A – Description of Bureau Vision and Priorities.................................................................3

 1B – Program History and Future Outlook............................................................................4

Section 2 – Budget Adjustments and Appropriation Language..........................................5

 2.2 – Operating Levels Table.................................................................................................5

 2.3 – Resource Detail Table...................................................................................................5

 2B – Appropriations Language and Explanation of Changes................................................6

Section 3 – Budget and Performance Plan ............................................................................7
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Section 1 – Purpose 

1A – Description of Bureau Vision and Priorities 

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) 

established the Bureau of Consumer Financial Protection (CFPB or Bureau) as an independent 

bureau within the Federal Reserve System and made it responsible for protecting consumers 

from abusive financial services practices. The Secretary of the Treasury is authorized to perform 

certain functions of the Bureau until the Director of the Bureau is appointed. On the designated 

transfer date, July 21, 2011, certain consumer protection authorities will transfer to the Bureau 

from seven existing federal agencies. 

Once fully established, the CFPB will have important authorities under the Dodd-Frank Act and 

other consumer laws to look out for consumers as they borrow money or use other financial 

services. Among other things, the new consumer agency will: 

 Conduct rule-making, supervision, and enforcement for Federal consumer financial 

protection laws;

 Restrict unfair, deceptive, or abusive acts or practices;

 Create a center to take consumer complaints; 

 Promote financial education;

 Research consumer behavior;

 Monitor financial markets for new risks to consumers; and

 Enforce laws that outlaw discrimination and other unfair treatment in consumer finance.

The CFPB plans to have six primary divisions: Supervision and Enforcement; Consumer 

Engagement and Education; Research, Markets, and Regulations; External Affairs; General 

Counsel; and Chief Operating Officer.

The CFPB is funded by authorized transfers from the Federal Reserve System, subject to limits

established in the Dodd-Frank Act. The CFPB is also authorized to request up to $200 million in 

discretionary appropriations if the amount transferred by the Federal Reserve System is not 

sufficient. The CFPB is not requesting a discretionary appropriation in FY 2011 or FY 2012.
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1B – Program History and Future Outlook 

Consumer Financial Protection Bureau

The Department of the Treasury is responsible for setting up the new agency, and, on September 

17, 2010, President Obama and Treasury Secretary Geithner named Elizabeth Warren as 

Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. 

The CFPB implementation team includes full-time Treasury employees and detailees from 

Treasury bureaus and other federal agencies.

Leading up to the July 21, 2011 transfer date, the CFPB implementation team is: 

 Meeting with consumer groups and financial services companies to ensure the Bureau’s

work targets real problems people encounter in the marketplace;

 Setting up and training the teams that will be responsible for supervising and enforcing 

Federal consumer financial laws;

 Laying the groundwork for the Bureau to write new rules required by the Dodd-Frank 

Act; 

 Developing a website and toll-free hotline for consumers; and

 Preparing to open offices to assist specific groups of consumers, including offices for 

Service member Affairs and Financial Protection for Older Americans, as specifically 

required under the Dodd-Frank Act.
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Section 2 – Budget Adjustments and Appropriation Language

2.2 – Operating Levels Table

Dollars in Thousands

Consumer Financial Protection Bureau FY 2010 Actual FY 2011 Estimated FY 2012 Estimated

FTE - 342 1,225

Object Classification

11.1 Full-Time Permanent Positions $0 $44,027 $167,549

12.0 Personnel Benefits $0 $14,601 $58,642

21.0 Travel. $0 $3,422 $12,273

22.0 Transportation of things $0 $1,000 $875

23.1 Rental Payments to GSA. $0 $7,360 $22,080

23.3 Communications, Utilities, & Mi $0 $2,896 $8,688

25.0 Contractual Services $0 $56,059 $48,907

26.0 Supplies and Materials $0 $766 $2,510

31.0 Equipment $0 $4,593 $7,522

225.1 Reimbursable Obligations $9,200 $8,101 $0

Total Budget Authority $9,200 $142,825 $329,045

Budget Activities:

Consumer Financial Protection Bureau $9,200 $142,825 $329,045

Total Budget Authority $9,200 $142,825 $329,045

2.3 – Resource Detail Table

Dollars in Thousands

% Change

FY 2010 FY 2011 FY 2012 FY 2011

Actual Estimated Estimated to FY 2012

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Budgetary Resources:

Revenue / Offsetting Collections

Transfers-in $18,400 $133,625 $329,045 146%

Total Revenue / Offsetting Collections $18,400 $133,625 $329,045 146%

Unobligated balances, Start of year $0 $9,200 $0 -100%

Recoveries of prior year obligations 0 0 0 0%

Net transfers (includes capital transfers) 0 0 0 0%

Total Budgetary Resources Available $18,400 $142,825 $329,045 130%

Expenses/Obligations

Consumer Financial Protection 

Bureau 0 $9,200 342 $142,825 1,225 $329,045 258 130%

Total Expenses / Obligations 0 $9,200 342 $142,825 1,225 $329,045 258 130%
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The CFPB budget estimates are based on the best available information at the time the Budget 

was prepared. As planning continues on the design and operations of the CFPB, predicting 

future costs is challenging. Nevertheless, the Bureau is focused on measured and deliberate 

growth over 2011 and 2012 as it judiciously deploys resources during the implementation

process. 

One of the largest cost elements in the CFPB budget is personnel costs, constituting 44 percent 

of the estimated budget in FY 2011 and 69 percent of total costs by the end of FY 2012. Another 

significant cost is contracted services needed for key systems and services to create and support 

the Bureau as it grows. The budget consists of several other types of expenses that are consistent 

with running a federal financial regulatory agency, such as rent, travel costs, and reimbursable 

detailed staff. For some of these estimates, CFPB has predicted specific future costs. In other 

areas, benchmarks from other Federal financial regulators have been used.

2B – Appropriations Language and Explanation of Changes

CFPB is not requesting any appropriations from Congress.
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Section 3 – Budget and Performance Plan

CFPB is currently working on developing a strategic plan for agency operations. There are no 

specific measures for managing CFPB performance at this time. Additional information on 

CFPB is available on www.treasury.gov and www.consumerfinance.gov.