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Volume 25 - Number 01

January 6, 2014

GAO Signs Off on CFPB Financials, Notwithstanding Two Deficiencies

In a recent report, the Government Accountability Office found that the CFPB financial statements as of and for the fiscal years ended Sept. 30, 2013, and 2012, were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. Also, the CFPB maintained, in all material respects, effective internal control over financial reporting as of Sept. 30, 2013, “although internal control deficiencies related to recording year-end accounts payable and accounting for property and equipment...

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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