On February 4, the Congressional Research Service updated its report on the CFPB’s budget and funding structure, finding the Bureau’s independence from congressional appropriations is not unique among the financial regulators such as the FDIC, the FHFA, the Fed, the NCUA, and the OCC. The report stated the CFTC and the SEC are the only financial regulators subject to congressional appropriations and authorization process.

The report summarized several recent congressional proposals to modify the CFPB’s funding structure, from making the Bureau a congressionally appropriated agency to adjusting its budgetary mechanisms, among other ideas.

The report projected the CFPB’s funding cap, adjusted for inflation, would increase to $823 million for fiscal 2025, and noted the CFPB’s budget growth between fiscal 2014 and fiscal 2023 was “generally comparable to larger financial regulators.” Several charts in the report tracked the Bureau’s funding requests, the difference between these requests and the statutory cap, and fluctuations in the CFPB’s budget and staffing over time and as reflected by changes in leadership.