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Volume 25 - Number 16

August 4, 2014

CFPB Could Be More Transparent About Civil Penalty Fund Activities

The Government Accountability Office has found that “opportunity exists” for the CFPB to improve the transparency of its civil penalty fund activities. On the positive side of the equation, the bureau has implemented a number of internal controls for managing the Consumer Financial Civil Penalty Fund. The CFPB has also implemented controls for tracking the collection of penalty funds, determining the allocation amount to classes of eligible victims, and monitoring the third-party vendors that distribute the funds, GAO found. In addition, the bureau has written policies that describe roles and the process related to making allocations to consumer education and financial literacy programs. “However, according to officials, the CFPB did not document the factors the fund administrator considered in determining ...

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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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