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Monday, May 13, 2013

Federal Reserve OIG Semiannual Report Updates Work Plan

The Federal Reserve OIG has issued a Semiannual Report to Congress. The report discusses the ongoing oversight of the CFPB and includes an updated work plan.

The OIG expects to release a number of reports regarding issues surrounding the CFPB within the year.

The report notes the OIG has begun review of the CFPB’s goals and performance objectives in respect to the agency’s annual budget and expects to release the results of the evaluation during the next semiannual reporting period later this year.

The OIG has also initiated an evaluation of the CFPB’s integration of enforcement attorneys into its examinations. The objectives of the evaluation is to assess the potential risk associated with this approach and the effectiveness of any safeguards the CFPB has adopted to mitigate the potential risks associated with this examination approach. This report is also expected to be released within the latter half of this year.

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