Subcommittee wants CFPB spending report

House Republicans are keeping an eye on the money spent by the Consumer Financial Protection Bureau.

House Republicans are keeping an eye on the money spent by the Consumer Financial Protection Bureau.

In a Nov. 22 letter to the CFPB’s Raj Date, Rep. Randy Neugebauer (R-Tex.) inquired about the Bureau receiving $28 million more in FY2011 from the Federal Reserve, 21 percent more than the $142 million earmarked in the presidential budget. Neugebauer is chairman of the House Financial Services Oversight and Investigations Subcommittee.

The letter requests a detailed report of expenditures, including transfers of money from the Fed, as well as expenses incurred in establishing offices, hiring and other financial obligations. The subcommittee asked for a spreadsheet with the title and pay of each CFPB employee, median 2011 salaries for employees at every level, and a detailed organizational chart – all by Dec. 16, 2011.

The Bureau previously summarized its expenditures on a broader level in a July 18 report, “Building the CFPB: A Progress Report.”

Fredrikson & Byron Law