CFPB Reveals Spending from Q1 of Fiscal Year 2011

The Consumer Financial Protection Bureau as of Dec. 31 had spent a total of $18 million, including $2 million in outlays and $16 million in gross obligations, according to a report released April 1 on the organization’s website.
 
The report shows the biggest expenditure was for “staff detailed from and administrative services provided by other federal agencies, including the Department of the Treasury.” Contracts for IT ($2 million) and human resource services ($1 million) ranked as the largest obligations. Meanwhile, the Federal Reserve provided the CFPB with $32.77 million in support during the first quarter, according to the report.
 
The CFPB acknowledged in a blog post there would be difficulty in bureau’s first few years as far as predicting spending totals. The bureau continued that they hoped the expense reports would allow Americans to “better gauge our impact and hold us accountable for results.”
 
Click here for a detailed breakdown of the CFBP’s Q1 spending report in 2011.