CFPB Doubles $$$ Collected in Penalties. Where Does it Go?
November 30, 2015
The CFPB more than doubled the amount of money it collected in civil penalties in fiscal year 2015 compared with FY 2014, $183.1 million versus $77.5 million, according to the bureau’s recently released FY 2015 financial report. Total cash collections in the fund from its inception, as of Sept. 30, 2015, amount to $342.14 million. Of that total, $190.12 million has been allocated to victim compensation. An additional $13.38 million has been allocated to consumer education and financial literacy programs, the default destinations of a certain amount of the penalties when victims can’t be found or identified, or when payment isn’t “practicable,” according to the bureau. Meanwhile, approximately $2.07 million has been used by the CFPB as an “administrative set-aside.” ...