We use a lot of ink to tell you what the CFPB has been doing in the past and what we speculate about where it is headed in the future. Perhaps the best indicator of what we should expect from the CFPB is revealed in The CFPB strategic plan, budget and performance plan and report. As it is often said, “follow the money.” The full report is available here:
You may recall that the CFPB is organized into six divisions:
(i)Consumer Education and Engagement, (ii)Supervision, Enforcement, and Fair Lending, (iii)Research, Markets, and Regulations, (iv)Legal Division, (v)External Affairs, and (vi)Operations.
Each of these divisions carries out specific directives that Congress gave the CFPB in passing the Dodd-Frank Act in 2010.
For planning purposes, the CFPB has adopted a strategic plan that follows four goals:
Goal 1. Prevent financial harm to consumers while promoting good practices that benefit them.
Goal 2. Empower consumers to live better financial lives.
Goal 3. Inform the public, policy makers, and the CFPB's own policy-making with data-driven analysis of consumer finance markets and consumer behavior.
Goal 4. Advance the CFPB's performance by maximizing resource productivity and enhancing impact.
And in advancing each of these goals, the CFPB budgets its money and its employees by division and by goal. In FY 2016 their money and full time employees (FTE) were assigned or divided as follows by goal:
Goal 1: $279 million 46% FTE: 874
Goal 2: $131 million 22% FTE: 242
Goal 3: $56.3 million 9% FTE: 114
Goal 4: $139 million 23% FTE 393
The percentages will remain roughly the same for FY 2017, but with the amount of dollars increasing to a total of $636.1 million. FY 2016's total was $605 million. Full time employees will go from a total in FY 2016 of 1,623 to 1,757 in FY 2017. It seems that the CFPB is a good place to go job hunting.
The Budget is also allocated over the six divisions described above plus three more: the Office of the Director, Other Programs and Centralized Services; and, the Operations division is broken down into internal Operations and Operations-Consumer Response. So, in total, the Budget of the CFPB is divided among 10 distinct divisions.
It comes as no surprise that the Supervision, Enforcement and Fair Lending Division is the largest consumer of the Bureau's $605 million budget, consuming $171.7 million or 28.3% of the total available budget. It also accounts for 742 full time employees of the CFPB's total of 1,623 or 45.8%. All of this information and much, much more is set out in the strategic plan.
We share this information with you so that you see the importance that the CFPB places on the work of the Supervision, Enforcement and Fair Lending Division. We expect more enforcement actions to come with more money and more employees serving that division. When you have a minute, take a look at the entirety of the strategic plan.