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April 29, 2015
Ms. Melissa Heist
Board of Governors of the Federal Reserve System and
Consumer Financial Protection Bureau
20th and Constitution Avenue
Washington, DC 20551
Dear Ms. Heist,
We have reviewed your report entitled The CPFB is in Compliance with IPIA, as amended, and appreciate the opportunity to respond.
We are pleased that your evaluation found that the CFPB fully complied with the applicable requirements of the Improper Payments Elimination Act of 2002 (IPIA), as amended by the Improper Payments Elimination and Recovery Act of 2012 (IPERA), in FY2014 as they relate to the Civil Penalty Fund.
As the Civil Penalty Fund program continues to mature, we appreciate that your review has validated the steps we have taken thus far to establish effective internal control and implement a program consistent with applicable laws and requirements.
Thank you for your review.
Stephen Agostini /signed/
Chief Financial Officer
cc: Richard Cordray, Director
Steven Antonakes, Deputy Director
Sartaj Alag, Chief Operating Officer