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CFPB Report: 2017-FMIC-C-006 March 29, 2017
In FY 2016, the CFPB's Civil Penalty Fund distributed some $54 million to victims and program activities, such as consumer education, with money collected from those who violated consumer financial protections. We determined whether the fund complies with the Improper Payments Information Act.
The fund meets both applicable IPIA requirements. First, the CFPB posted its annual financial statement on its website. Second, the agency conducted a risk assessment, finding the fund to be at low risk for making improper payments.
As a result, we are not making recommendations.