GAO Gives Mixed Report On CFPB Practices

Law360, New York (May 21, 2012, 7:15 PM EDT) -- The U.S. Government Accountability Office shined a light Monday on shortcomings in accounting and information security practices at the newly created Consumer Financial Protection Bureau but concluded the agency’s lapses were generally minor.

In a 24-page report scrutinizing internal controls, auditors took issue with methods for reimbursing employee travel, weak protection of restricted data and glitches with payroll systems, among other things.

To the extent problems exist, they appear to stem in large part from the consumer agency’s youth, having been created in 2010 under Dodd-Frank,...
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