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Thursday, April 3, 2014

OIG: CFPB Can Improve Supervisory Activities

In its initial evaluation, the OIG found that the CFPB can improve the efficiency and effectiveness of its supervisory activities. Specifically, CFPB needs to:

  • Improve its reporting timeliness and reduce the number of examination reports that have not been issued;
  • Adhere to its unequivocal standards concerning the use of standard compliance rating definitions in its examination reports; and
  • Update its policies and procedures to reflect current practices.

The report also contained 12 recommendations, including: monitoring the employee examination process, finalizing its examiner commissioning program and updating relevant policies and procedures.

Read the full report.

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