The Government Accountability Office (GAO) released its audit of the Consumer Financial Protection Bureau’s (CFPB) financial statements for 2022 and 2023.
According to the GAO, the agency spent $2.75 billion this year to enhance citizens’ financial education and ensure banks, lenders, and other financial companies under its supervision comply with consumer protection laws.
The CFPB’s statements are audited on an annual basis. This year’s GAO opinion confirmed the statements as reliable, and the bureau’s controls over financial reporting were effective.
“GAO found the CFPB financial statements as of and for the fiscal years ended Sept. 30, 2023, and 2022, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; CFPB maintained, in all material respects, effective internal control over financial reporting as of Sept. 30, 2023; and no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested,” the audit stated.
Title X of the Dodd-Frank Act requires the bureau to annually prepare these financial statements, and the GAO to audit them.
“I want to acknowledge the hard work and dedication of all CFPB staff over the past year to accomplish the overall outcomes reflected in this report,” CFPB Director Rohit Chopra said in the bureau’s filing. “The collective efforts of all CFPB staff help achieve our mandate to monitor market conditions to spot risks, ensure compliance with existing law, and promote competition to protect families and honest businesses.”
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