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The CFPB has released a report for 2016 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget.  An annual independent audit is required by the Dodd-Frank Act.  The report dated December 16, 2016 reflects work performed by KPMG during the period July 12, 2016 to December 16, 2016.… Continue Reading

The CFPB has issued its financial report for its 2015 fiscal year, which ended on September 30, 2015.  The report indicates that the number of CFPB employees grew from 1,443 in FY 2014 to 1,529 in FY 2015.  Transfers to the CFPB from the Fed (which are capped by Dodd-Frank at a pre-set percentage of the Fed’s total 2009 operating expenses, subject to an annual adjustment) decreased from $534 million in FY 2014 to $485 in FY 2015. … Continue Reading

The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget.  An annual independent audit is required by the Dodd-Frank Act.  The report reflects work performed by KPMG during the period October 1, 2014 to February 16, 2015.

The audit was conducted to evaluate various objectives specified by the CFPB.   … Continue Reading

Last week, the Office of Inspector General published its findings following an audit assessing the CFPB’s human resources-related operations and other efforts for equal employment.  The audit, which was conducted in response to a congressional request for information on the CFPB’s activities related to diversity and inclusion (D&I), analyzed the CFPB’s efforts to ensure equal opportunities for minorities and women to obtain senior management positions and to increase racial, ethnic, and gender diversity in the workforce. … Continue Reading

In its work plan updated as of January 21, 2014, the Office of Inspector General (OIG) for the Fed and CFPB has pushed back until this year the expected completion dates for several CFPB projects previously slated for completion in 2013. 

The projects listed as “work in progress” that now have first quarter 2014 planned completion dates are: (1) an evaluation of the CFPB’s hiring process, (2 ) an evaluation of the CFPB’s compliance with Dodd-Frank Section 1100G (SBREFA ) which requires the CFPB to convene a small business panel before issuing regulations that the CFPB Director expects to have a significant impact on a substantial number of small business entities, (3) an audit of the CFPB’s civil penalty fund, and (4) an evaluation of the CFPB’s supervision program for large banks and nonbanks.   … Continue Reading

The CFPB has released the independent audit conducted by KPMG of selected CFPB operations and budget in FY 2013.  An annual independent audit is required by the Dodd-Frank Act.  The items evaluated in the 2013 audit and results were as follows:

  • KMPG evaluated how the CFPB’s intra-agency and inter-agency coordination process for its student loan initiatives measured up to leading practices for intra-agency and intra-agency collaborations. 
… Continue Reading