WASHINGTON–The CFPB’s budget was up by more than 9% during its most recent fiscal year to $558.5 million, according to the Bureau’s just-released fall 2020 semiannual report.
Similar to NCUA, the CFPB said the vast majority of its FY 2020 budget was represented by employee compensation and benefits of $323 million for the agency’s 1,504 workers (58% of total expenses). Overall pay to employees increased 7.9% over 2019, primarily as the result of adding 74 employees during the year.
Also similar to NCUA, expenses related to travel were down significantly for the agency in 2020 from 2019 (the result of the coronavirus crisis), with CFPB spending on travel in 2020—at $5.8 million—representing approximately one-third of 2019 outlays.
The Bureau reported big budget increases in land and structures (up about 300% to $15.5 million), and “contractual services,” up more than $15 million in 2020 from 2019 (at $160.9 million).