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Thursday, March 7, 2013

OIG to Evaluate CFPB's Use of Enforcement Attorneys in Examination Process

The Federal Reserve’s Office of Inspector General (OIG) has recently updated its Work Plan. The OIG’s Work Plan presents the major initiatives and priorities on which the OIG plans to focus on to assist the Federal Reserve System and the CFPB in fulfilling their responsibilities.

The OIG has set as a priority the evaluation of the CFPB’s integration of enforcement attorneys into the examination process.
The OIG is conducting an evaluation of the CFPB’s integration of enforcement attorneys into its examinations of banking and nonbanking institutions’ compliance with applicable consumer protection laws and regulations. Our objectives are to assess (1) the potential risks associated with this examination approach and (2) the effectiveness of any safeguards that the CFPB has adopted to mitigate the potential risks associated with this examination approach.
The OIG plans to begin this evaluation in the second quarter of 2013.

Read more.

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