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March 8, 2023

Statement of Inspector General Mark Bialek Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives

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Over the last 5 years, we have issued 108 audit and evaluation reports with 297 recommendations. During the same period, we closed 170 investigations, leading to 116 convictions and $4.4 billion in fines, restitution, special assessments, forfeiture, and civil judgments. Of those, 37 investigations were pandemic-response related, resulting in 62 convictions and nearly $66 million in financial actions.

The testimony consists of four parts. First, our overall approach to oversight; second, our audit and evaluation results, highlighting the management challenges facing the Board and the CFPB; third, our investigative work; and fourth, our partnership with the Pandemic Response Accountability Committee.