WASHINGTON (7/23/14)--A study from George Washington University's Regulatory Studies Center estimates that the Consumer Financial Protection Bureau will add 462 new employees this year and another 172 in 2015.
The study, which reviewed budget requests from President Barack Obama for fiscal year 2015, also estimates that the bureau will increase its budget to $622 million in fiscal year 2015, up from $481 million in fiscal year 2014. The 27.1% increase from 2014 to 2015 is less than the 32.7% increase to 2014 from 2013, according to the study.
The bureau has grown steadily over the past few years, with more of an emphasis on becoming fully staffed. This study indicates that the Obama administration is contemplating additional growth over the next two years.
The Credit Union National Association continues to dialogue with the CFPB on many regulatory issues that impact credit unions, and has urged the bureau to exempt credit unions from many overly burdensome regulations designed to push back against the abuses that caused the financial crisis.