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Tuesday, July 29, 2014

GAO Study Reviews CFPB Civil Penalty Fund

The Government Accountability Office was asked to review the CFPB’s Civil Penalty Fund, which is made up of deposits collected as civil money penalties to compensate eligible victims and may also be used for the purpose of consumer education and financial literacy programs.

The CFPB has implemented a number of internal controls for reducing the risk of management error and fraud. However, the CFPB did not document the factors the Fund Administrator considered in determining the allocation of funds for consumer education and financial literacy programs for the first allocation period.

GAO recommends that the Fund Administrator document the specific factors considered in determining the amount of funding, if any, allocated to consumer education and financial literacy programs. The CFPB generally agreed with GAO's recommendation.

Read more.

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