GAO says CFPB's spending accounting flaws are serious, require prompt fixes

Consumer Financial Protection Bureau officials don’t know how much they are actually spending or whether they are getting good value when they buy such things as computer software and office equipment, according to a congressional watchdog.

The CFPB was created by Congress and President Obama four years ago to help consumers better understand and use sometimes complicated financial resources, but a new Government Accountability Office review has found for a second straight year serious deficiencies in the bureau’s stewardship of its own budget.