12 U.S.C. § 5496a

Annual audits

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(a) Annual independent audit

The Bureau shall order an annual independent audit of the operations and budget of the Bureau.

(b) Annual GAO audit

The Comptroller General of the United States shall conduct an annual audit of the Bureau’s financial statements in accordance with generally accepted government accounting standards.

(Pub. L. 111–203, title X, § 1016A, as added Pub. L. 112–10, div. B, title V, § 1573(a), Apr. 15, 2011, 125 Stat. 138.)Statutory Notes and Related SubsidiariesInitial Audits

Pub. L. 112–10, div. B, title V, § 1573(c), Apr. 15, 2011, 125 Stat. 139, provided that the initial audits under this section were to be completed not later than the end of the 180-day period beginning on Apr. 15, 2011.

Notes of Decisions

Cited in 1 case, 2017–2017 · leading case: Consum. Fin. Prot. Bureau v. Future Income Payments, LLC, 252 F. Supp. 3d 961 (C.D. Cal. 2017).

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Consum. Fin. Prot. Bureau v. Future Income Payments, LLC, 252 F. Supp. 3d 961 (C.D. Cal. 2017). “Unlike other financial regulators, the CFPB undergoes annual audits by the Government Accountability Office, 12 U.S.C. § 5496a, and has ,a capped budget from the Federal Reserve System, id.”

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