CFPB Issues Annual Fiscal Report

The CFPB issued its annual fiscal report yesterday, touting its ability to exceed goals and collect money.  Here are our quick takeaways.  If you want to see all the pie charts and candid color photographs, you'll have to read the 125 page Report for yourself:

GENERAL OBSERVATIONS

• The Bureau continues to increase in size steadily.  In 2011, the Bureau had 663 employees.  In 2015, it had 1529 employees.
• The Bureau met or exceeded each of the 12 measures set forth in its 2013-2017 Strategic Plan.  These measures include:
  • Timely resolving rulemakings
  • Successfully resolving all cases filed either through litigation, default judgment or settlement
  • Expanding its capacity to handle consumer complaints
  • Exceeding its goal as to the number of reports generated about specific consumer financial products or regulations.

FINANCIAL OBSERVATIONS:

• Monetarily, the Bureau also deems 2015 a success:
• Its cash collections more than doubled in 2015.  According to the Report, the Bureau collected over $183 million in cash.
• Its compensation to victims showed a 700% increase from $20.8 million in 2014 to $158.8 million in 2015.
• Similarly, 2015 was a good year for the CFPB is civil penalty fund collections with the Bureau collecting $183.1 million.
• The Report also notes that the net costs of operation for the Bureau increased 29% in 2015 and is attributed to overall growth of the agency and continued activity in each of its strategic goals.