The House Financial Services Committee recently questioned the CFPB over renovations of the bureau’s building that would cost an estimated $145 million. In a tense exchange, the committee questioned why the cost of the project increased from the initial $95 million budget and how the bureau could justify a per square foot cost triple that of the average luxury commercial class rate in Washington, D.C. The CFPB responded that to help alleviate the committee’s concerns, the General Services Administration would now be overseeing the project. The CFPB pointed out that it only leased the building and that the renovations would make it serviceable for years to come.
The hearing comes with increasing scrutiny over the CFPB, as some lawmakers oppose the lack of oversight for the bureau.