The CFPB Is in Compliance With IPIA, as Amended

The Office of Inspector General (OIG) has completed the final report for its audit of the Consumer Financial Protection Bureau's (CFPB) compliance with the Improper Payments Information Act of 2002 (IPIA), which has been amended by the Improper Payments Elimination and Recovery Act of 2010 and the Improper Payments Elimination and Recovery Improvement Act of 2012.¹ IPIA requires the head of each agency to periodically review and identify all programs and activities that may be susceptible to significant improper payments. The CFPB determined that the Civil Penalty Fund is subject to IPIA. 

We determined that the CFPB fully complied with the applicable requirements of IPIA for fiscal year (FY) 2014 as they relate to the Civil Penalty Fund. Specifically, we determined that the CFPB met the first two IPIA requirements and that the other four requirements were not applicable.

• 1. Although the OIG’s compliance assessment and reporting process is a requirement of the Improper Payments Elimination and Recovery Act of 2010, the agency requirements appear in the Improper Payments Information Act of 2002, as amended by the Improper Payments Elimination and Recovery Act of 2010 and the Improper Payments Elimination and Recovery Improvement Act of 2012. For simplicity, the use of IPIA throughout this memorandum refers to the collective requirements of IPIA, the Improper Payments Elimination and Recovery of 2010, and the Improper Payments Elimination and Recovery Improvement of 2012. Return to text