Financial Report of the CFPB – Fiscal Year 2011
As required by the Dodd-Frank Act, the CFPB prepared financial statements for fiscal year 2011. The Government Accountability Office (GAO) rendered an unqualified — or “clean” — on the CFPB’s financial statements. GAO noted no material weaknesses or significant deficiencies in CFPB’s internal controls and cited no instances of noncompliance with laws and regulations. Further, the report describes the fiscal year 2011 efforts to establish the CFPB, and the results we have achieved to date.