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Tuesday, May 12, 2015

CFPB Civil Penalty Fund in Compliance with IPIA

The CFPB’s Civil Penalty Fund is in full compliance with the applicable requirements of the Improper Payments Information Act (IPIA), according to the Office of Inspector General.

IPIA requires agency heads to periodically review all programs and activities and identify any that may be susceptible to improper payments. The Civil Penalty Fund is the fund separate from the CFPB’s operations fund into which the CFPB deposits the civil penalties it collects in judicial and administrative actions for violations of federal consumer financial law. The fund is used to make payments to victims of financial law violations; if victims cannot be found the funds can be used for consumer education and financial literacy programs. The Dodd-Frank Act does not determine whether the Civil Penalty Fund is considered government funds or appropriated monies so the CFPB has determined that the Civil Penalty Fund is subject to IPIA.

For FY 2014, total disbursements to harmed consumers from the Fund were $957,772.

Read the OIG report.

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