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Thursday, May 5, 2016

OIG: CFPB Civil Penalty Fund Compliant with IPIA

The OIG has determined that the CFPB’s Civil Penalty Fund is in compliance with the Improper Payments Information Act of 2002 (IPIA), as amended.

The CFPB Civil Penalty Fund (CPF) contains money that the bureau collects from judicial and administrative actions against people or companies that violate federal consumer financial law. Funds may be used to pay victims or for consumer education, financial literacy programs and program administration costs. For fiscal year 2015, total disbursements from the CPF for program activities were approximately $24 million.

The OIG determined that the CFPB fully complied with the two applicable requirements of the IPIA for fiscal year 2015 regarding the CPF. First, the CFPB complied with the requirement of publishing an annual financial statement and posting that report on their website by publishing its Financial Report of the CFPB, Fiscal Year 2015. Second, the bureau complied with the requirement to complete a program-specific risk assessment every three fiscal years by conducting a risk assessment of the CPF in fiscal year 2014. The OIG determined that the remaining four IPIA requirements were not applicable to the CPF.

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