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Friday, April 11, 2014

Board-CFPB OIG Work Plan Updated

The Office of Inspector General has updated its Work Plan for the Board of Governors of the Federal Reserve System and the CFPB. The report noted projects that the CFPB has completed since October 1, 2013, including that the CFPB has improved the efficiency and effectiveness of its supervisory activities by assess the approach for staffing examinations and training program for examination staff.

The OIG report notes that CFPB is currently working on evaluating its compliance with section 1100G of the Dodd-Frank Act, which requires the CFPB to describe the impact of any proposed rule on the cost of credit for small entities. The CFPB is also working on auditing its public consumer compliant database. The audit will look at the CFPB’s process for creating the database and will assess the accuracy and completeness of the consumer complaint data available to the general public.

The CFPB’s planned projects include a joint evaluation of coordination between the CFPB and other regulatory agencies. The evaluation will be conducted by the Board-CFPB OIG, the FDIC OIG, the National Credit Union Administration OIG, and the U.S. Department of the Treasury OIG, and will evaluate the coordination between the CFPB and other regulatory agencies with respect to conducting supervisory activities.

Read the OIG Report.


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