The OIG recently released a report on the efficiency and effectiveness of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty Fund (CPF). The report found that the CFPB’s CPF victim identification process is generally effective but has room to improve.
Specifically, the OIG found that the Office of the Chief Financial Officer (OCFO) has not documented the roles and responsibilities of the Office of Technology and Innovation (T&I) in the victim identification process. The victim identification process is data dependent and in some instances requires the involvement of T&I to produce preliminary lists of eligible victims. However, the OIG believes this inefficiency can be attributed to the recent establishment of the CPF.
The scope of the report included the three cases in which funds were distributed to identified victims prior to December 31, 2014.
Read the report.