Publisher's Synopsis
The CFPB's operations are funded principally by transfers made by the Board of Governors of the Federal Reserve System from the combined earnings of the Federal Reserve System, up to the limits set forth in the Dodd-Frank Act. The Director of the CFPB requests transfers from the Federal Reserve System in amounts that he has determined are reasonably necessary to carry out the Bureau's mission without exceeding the limits in the Dodd-Frank Act. Transfers through FY 2013 are capped at set percentages of the total 2009 operating expenses of the Federal Reserve System. In fiscal years 2014 and beyond, the cap is adjusted annually based on the percentage increase in the employment cost index for the total compensation for State and local government workers published by the Federal Government. Transfers from the Federal Reserve System are capped at $608.4 million for FY 2014. For FY 2015, the funding cap is currently estimated to be $618.7 million. Funds transferred from the Federal Reserve System are deposited into the Bureau of Consumer Financial Protection Fund (Bureau Fund), which is maintained at the Federal Reserve Bank of New York.
