The Government Accountability Office said the CFPB’s fiscal 2020 and fiscal 2021 financial statements were in accordance with generally accepted accounting principles.
Federal and state agencies are back to fully enforcing communication timing requirements found in Regulation X. However, they will consider the impact of COVID-19 when deciding supervisory and enforcement actions.
The CFPB needs to improve the effectiveness of its quality management program in order to strengthen its supervision activities, the Federal Reserve Office of Inspector General said in a recent report.
Senate Democrats called on the CFPB to increase oversight of credit reporting agencies. The CFPB director, though, is skeptical of creating a government-run credit reporting agency.