Today, the CFPB is issuing its first spending update. In our spending update, we will provide a snapshot of quarterly and year-to-date spending and the funds we have received. We will provide a description of major purchases or financial commitments we have made during the quarter. The goal of these updates is to provide you with a snapshot of how we are spending funds so you can gain a broader perspective on how we are using our resources to fulfill our mission.
Last month, we released the estimated CFPB budget for fiscal years 2011 and 2012. We acknowledged that it is difficult to predict our future expenses with a high level of certainty during these first couple years while we are still getting started. By providing quarterly updates on where our funding has actually gone, we aim to complement the estimated budget projections with additional detail on the spending we have incurred.
We want to be responsible to America’s families, and we want you to be aware of the investments we are making. By providing more detail on how funds have actually been spent, you can better gauge our impact and hold us accountable for results.