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CFPB Report: 2014-AE-C-001 January 16, 2014

Audit of the CFPB's Civil Penalty Fund

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Attachment A: Timeline of Events

Date Event
July 21, 2010 Dodd-Frank Act enacted
July 21, 2011 CFPB designated transfer date; CPF allocation period 1 began
June 11, 2012 Criteria for Use of Civil Penalty Fund Monies for Consumer Education and Financial Literacy Programs approved
July 17, 2012 Consumer Financial Civil Penalty Fund Governance Board Charter approved
July 18, 2012 Capital One deposited $25 million into the CPF
September 28, 2012 Discover Credit Card Company deposited $7 million into the CPF
October 1, 2012 American Express directed three subsidiaries to deposit a total of $14.1 million into the CPF
November 15, 2012 FY 2012 CFPB Financial Report posted; the report describes the CPF and identifies FY 2012 CPF collections
November 19, 2012 CFPB Director approved two consumer education and financial literacy program concepts to be funded with CPF monies if sufficient funds are allocated
December 15, 2012 FY 2012 4th Quarter CFO Update posted; the report identifies FY 2012 Q4 CPF collections
December 28, 2012 Payday Loan Debt Solution deposited $5,000 into the CPF
February 15, 2013 FY 2013 1st Quarter CFO Update posted; the report identifies FY 2013 Q1 CPF collections
February 26, 2013 Abraham Pessar (Gordon, et Al.), deposited $1 into the CPF
March 31, 2013 CPF allocation period 1 ended
April 1, 2013 CPF allocation period 2 began
April 11, 2013 United Guaranty deposited $4.5 million into the CPF
April 15, 2013 Genworth deposited $4.5 million into the CPF
April 16, 2013 Mortgage Guaranty Inc., deposited $2.65 million into the CPF
April 25, 2013 Procedures for Civil Penalty Fund Administration approved
April 26, 2013 CFPB posted the following on www.consumerfinance.gov: Civil Penalty Fund rule, CPF FAQs, CPF blog, and CPF press release
April 29, 2013 Radian Guaranty, Inc. deposited $3.75 million into the CPF
May 7, 2013 CPF rule published in the Federal Register and entered into effecta
May 7, 2013 CFPB posted CPF allocation schedulea
May 15, 2013 FY 2013 2nd Quarter CFO Update posted; the report identifies FY 2013 Q1 & Q2 CPF collections
May 30, 2013 First CPF allocation made (see attachment B)
June 6, 2013 CFPB's "Frequently Asked Questions on the CPF" updated
June 12, 2013 American Debt Settlement Solutions, Inc., deposited $15,000 into the CPF
July 8, 2013 Comments on the CPF rule due
July 9, 2013 CFPB awarded contracts to two third-party payment administrators
July 19, 2013 CFPB "Frequently Asked Questions on the CPF"a updated
August 8, 2013 Consumer Financial Civil Penalty Fund Governance Board Charter update approved
August 8, 2013 CFPBs Policy for Selecting Civil Penalty Fund Consumer Education and Financial Literacy (CEFL) Programs issued
August 15, 2013 FY 2013 3rd Quarter CFO Update posted; the report identifies FY 2013 Q1, Q2, & Q3 CPF collections
August 28, 2013 CFPBs presolicitation conference for one of the CEFL programs held
September 19, 2013 JPMorgan Chase deposited $20 million into the CPF
September 30, 2013 CPF allocation period 2 ended
October 1, 2013 CPF allocation period 3 began
October 11, 2013 Washington Federal deposited $34,000 into the CPF
October 15, 2013 Mortgage Master deposited $425,000 into the CPF
November 13, 2013 Castle & Cooke Mortgage deposited $4 million into the CPF
November 22, 2013 Request for proposal issued for a CPF-funded CEFL released
November 25, 2013 Cash America deposited $5 million into the CPF
November 26, 2013 Meracord deposited $555,000 into the CPF
November 29, 2013 Second CPF allocation made

Source: OIG analysis and CFPB input.

a. Information available on the CFPB's public website.  Return to text