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June 24, 2013 – The CFPB expects to increase its staff but will decrease its budget after renovating its headquarters, bureau Chief Financial Officer Stephen Agostini told lawmakers last week.

Agostini, testifying before the House Financial Services Subcommittee on Oversight and Investigations, said the bureau's 2013 budget of $541 million includes a one-time renovation expense for its Washington headquarters. He estimated the fiscal 2014 budget will be $497 million. He said increased funding for CFPB programs will support system development and increase staffing the Division of Supervision, Enforcement, and Fair Lending.

Agostini specified that the planned staff increase is largely required to "handle an increasing volume of consumer complaints." He testified, "More than 40 percent of the growth in staff over the next two fiscal years will support Supervision, Enforcement, and Fair Lending activities, including the continued build-out of a regional examination workforce . . . The budget for personnel compensation and benefits fund an expected 1,214 full-time equivalent employees in fiscal year 2013, and 1,545 in fiscal year 2014."

He also testified that, since the creation of the CFPB, it has handled more than 130,000 complaints from around the country, and refunded $425 million to 6 million customers as a result of enforcement actions.