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phil
April 22nd, 2014 at 8:04 pm
Revolving door to go into reverse? Regulators better-paid than bankers
01:08 PM ET · XLF
• The average compensation at the OCC and the CFPB in 2012 was $190K, writes the AEI’s Paul Kupiec, which towers over the average salary of about $50K for bank employees. Is it the special skills of regulators? Probably not. OCC secretaries average about $80K per year and FDIC limo drivers pull down $82K. Human resources management trainees at the CFPB make about $111K.
• In 2012, 68% of FDIC and CFPB staff – and 66% at OCC – made more than 100K per year, with 19% earning over $180K. Less than 7% of employees at these agencies earn less than 50K – put another way, 93% earned more than the average banker’s salary in 2012.
• Who pays? Bank shareholders (and customers), mostly, through deposit insurance premiums and examination fees levied by the agencies. The CFPB is funded through the Federal Reserve (which doesn’t disclose pay, but it’s likely even higher than the other regulators).
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