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Volume 25 - Number 3

February 3, 2014

CFPB Passes OIG Muster on Civil Penalty Fund Internal Controls

The Federal Reserve Office of Inspector General has completed its audit of the CFPB’s consumer financial Civil Penalty Fund, giving the bureau a passing grade. “Overall, our audit determined that the CFPB has been implementing internal controls for the CPF since June 2012,” said the OIG, citing the bureau’s development of the CPF rule and various internal procedures. “During our audit of the CPF, which was conducted from June 2013 to November 2013, we identified an opportunity to improve the controls developed to implement the CPF,” the OIG said...

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