Consumer bureau’s spending skyrockets nearly 50%

Consumer bureau’s spending skyrockets nearly 50%

Spending at the Consumer Financial Protection Bureau went up nearly 50 percent from 2012 to last year, according to the latest audited financial statement for the bureau’s parent agency, the Federal Reserve.

The balance sheet, published last week by the Fed’s board of governors, may do little to quash concerns of critics and some in Congress that the agency needs tighter controls on its spending and additional oversight by those on Capitol Hill.

The financial statement, which was audited by the Washington office of Deloitte & Touche, shows that in the budget year ending Dec. 31, total spending for the CFPB increased from $385 million in 2012 to $563 million, a 46 percent hike.

One of the major expenses for the bureau in fiscal 2013 was $145 million paid toward the costs of renovating a building near the White House for use as the CFPB’s headquarters, the agency said in its 2013 financial statements.

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