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:
- 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 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.