While the CFPB generally lacks oversight and accountability, one particular issue of concern raised at the hearing was the outrageously expensive planned renovation of the bureau's Washington headquarters. Initially thought to cost $55 million -- a sum greater than the annual construction and acquisition budget for all federal buildings -- the actual budget for the 1,200-employee bureau's headquarters renovation tops out at $95 million -- or $75,000 per employee.
Given the lack of Congressional control over appropriations to the CFPB as well as the lack of Administration control over the CFPB’s budget, the large budget and broad regulatory discretion conferred upon the CFPB present substantial risk of waste, fraud and abuse.
