This story appeared in Bank Digest.
Following a review of the Consumer Financial Protection Bureau's Civil Penalty Fund, the Government Accountability Office concluded that opportunity exists to improve the transparency of the fund's activities. The CFPB deposits collected civil money penalties into the fund to compensate eligible victims and also may use the fund for the purpose of consumer education and financial literacy programs. The bureau has implemented a number of internal controls for managing the fund.
Continue reading "CFPB can improve transparency of Civil Penalty Fund activities" »