CFO update for the second quarter of fiscal year 2012

JAN. 1 – MAR. 31, 2011

Issued: May 11, 2012

As of March 31, the end of the second quarter of fiscal year 2012, the CFPB had spent $165.6 million (including commitments, obligations, and outlays). (1,2) The largest expenditures were for employee compensation and benefits for the 828 CFPB employees currently on board.

Some obligations made in the second quarter captured the estimated full-year costs of certain activities, such as $11.8 million for a one-year building occupancy agreement with the Office of the Comptroller of the Currency. An obligation of $1.5 million was made to allow for the U.S. Government Printing Office to publish notices of proposed CFPB regulations in the Federal Register and for publication of final regulations in the Code of Federal Regulations.

Large obligations over $1 million, made to non-governmental vendors during the quarter were:

• $2.9 million for collection and analysis of credit card data to assist the Division of Research, Markets and Regulations.
• $1.6 million for Human Resources support services, including staffing and classification, recruitment and outreach, and performance management system implementation.

Funds transfers received from the Federal Reserve (in millions)

As of March 31, the CFPB had received eight transfers of funds from the Federal Reserve. The amounts and dates the transfers were received are shown below.

Fiscal Year 2010

August 12, 2010: $18.4

Fiscal Year 2011

December 21, 2010: $14.4

March 10, 2011: $27.9

June 7, 2011: $74.5

July 21, 2011: $14.4

September 28, 2011: $30.6

Fiscal Year Total: $161.8

Fiscal Year 2012

October 10, 2011: $94.3

January 6, 2012: $63.9

Footnotes

1. Definitions. For the purposes of this update, outlays are payments that result any time the CFPB issues checks, disburses cash, or makes electronic transfers of funds to pay off an obligation. A commitment is a reservation of funds in anticipation of a future obligation. An obligation is a transaction or agreement that creates a legal liability and obligates the government to pay for goods and services ordered or received. The difference between outlays and commitments or obligations is that outlays reflect funds that have already been paid out while commitments and obligations represent future expenditures.
2. The amounts in this report are based on unaudited financial statements.