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Wednesday, April 2, 2014

OIG Releases Report on CFPB Supervision Program

The Office of Inspector General [OIG] conducted this initial evaluation to assess the operational efficiency and effectiveness of the Consumer Financial Protection Bureau’s (CFPB) supervision program. The OIG found that the CFPB needs to:
  1. improve its reporting timeliness and reduce the number of examination reports that have not been issued,
  2. adhere to its unequivocal standards concerning the use of standard compliance rating definitions in its examination reports, and
  3. update its policies and procedures to reflect current practices.
The report also recommends that the CFPB create and update relevant policies and procedures; track and monitor examination processes for staffing examinations and producing examination products; and finalize its examiner commissioning program.