Advanced Search

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 ...

Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
51 to 75 bps
76 to 100 bps
101 to 150 bps
More than 150 bps
We’re a call center lender and don’t disclose that data point.

vote to see results
Housing Pulse