This story appeared in Bank Digest.
The Office of Inspector General for the CFPB and the Federal Reserve Board has released an audit report on the Consumer Financial Protection Bureau Civil Penalty Fund's compliance with the Improper Payments Information Act of 2002 for fiscal year 2017. The OIG contracted with an independent public accounting firm to complete the audit, although the OIG reviewed and monitored the work of the contractor to ensure compliance with the contract and the "Government Auditing Standards."
According to the report, the IPIA requires agency heads to periodically review and identify all programs and activities that may be susceptible to significant improper payments. The firm conducting the audit concluded that the CFPB complied with the applicable requirements of the IPIA for FY 2017 as they relate to the Civil Penalty Fund.