CFPB Issues Second Financial Audit

November 15, 2012 CFPB  issued their Financial Report for fiscal 2012 as required by the Dodd-Frank Act.

The financial report has two main parts. The first part includes a narrative description of the bureau, including our mission, operating units, main activities, performance, and results. It provides some financial analysis and a description of our operating environment. The second section includes financial statements, notes, and the auditor’s report.

The report included information the bureaus key priorities:

Key priorities in support of this goal include:

  • Monitoring and enforcing compliance with the Federal consumer financial   laws through supervision in order to protect consumers from illegal acts or practices;
  • Protecting honest businesses from competitors who use unscrupulous practices to gain an unfair advantage by using enforcement authority to address violations of Federal consumer financial laws;
  • Promoting fair lending compliance and education by working with Federal agencies, state regulators, private industry, and fair lending, civil rights, and consumer and community advocates;
  • Engaging consumers in a timely way through innovative initiatives to educate them about financial issues and use consumer input, including consumer complaint and inquiry data, to identify needed policy changes with particular impact on students, older Americans, service members, and low-income and economically vulnerable consumers;
  • Addressing challenges in the mortgage market and evaluating potential policy problems in a range of consumer finance markets;
    Simplifying or updating regulations that have become unnecessary, outdated, overly burdensome, or are otherwise unduly difficult to understand and comply with;
  • Producing original research to improve understanding of consumer behavior and market operations and practices to support the CFPB’s policymaking and the general functioning of the market;
  • Monitoring various consumer financial markets for emerging risks, technological advances, and other important developments; and
  • Issuing rules that promote a fair, transparent, and competitive marketplace for consumer financial products and services after proper consideration of benefits and costs.