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CFPB Report: 2015-FMIC-C-008 May 7, 2015

The CFPB Is in Compliance With IPIA, as Amended

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Management's Response

1700 G Street, N.W.
Washington, DC 20552

April 29, 2015

Ms. Melissa Heist
Inspector General
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