The Office of the Inspector General (OIG) has released the “2015 list of major management challenges” faced by the CFPB that the OIG believes will hamper the CFPB’s ability to accomplish the CFPB’s strategic objectives. Like the 2014 list, one of the challenges identified by the OIG is the need to ensure that the CFPB has an effective information security program. … Continue Reading
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Enhance Diversity & Inclusion Efforts in Four Areas CFPB, Audit Recommends
Last week, the Office of Inspector General published its findings following an audit assessing the CFPB’s human resources-related operations and other efforts for equal employment. The audit, which was conducted in response to a congressional request for information on the CFPB’s activities related to diversity and inclusion (D&I), analyzed the CFPB’s efforts to ensure equal opportunities for minorities and women to obtain senior management positions and to increase racial, ethnic, and gender diversity in the workforce. … Continue Reading
OIG finds flaws in approval process used for CFPB headquarters renovation
The ballooning cost estimates for renovating the CFPB’s Washington, D.C. headquarters was the subject of verbal sparring between Director Cordray and Republican Congressmen during Director Cordray’s most recent appearance before the House Financial Services Committee. That sparring is likely to become even more heated as a result of a letter issued earlier this week by the Office of Inspector General (OIG) for the Fed and CFPB evaluating the CFPB’s renovation budget. … Continue Reading
OIG finds CFPB’s supervision program needs improvement
Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities.” The report is based on data in the CFPB’s Supervisory Examination System (SES) database as of July 31, 2013. … Continue Reading
OIG updated work plan includes review of CFPB headquarters renovation
Since issuing its work plan updated as of January 21, 2014, the only new notable item added by the by the Office of Inspector General (OIG) to its work plan updated as of March 3, 2014 is an evaluation of the CFPB’s headquarters renovation budget. The evaluation is being done at the request of Republican Representative Patrick McHenry, who chairs the House Financial Services Committee’s Subcommittee on Oversight and Investigations. … Continue Reading
OIG updated work plan delays completion dates
In its work plan updated as of January 21, 2014, the Office of Inspector General (OIG) for the Fed and CFPB has pushed back until this year the expected completion dates for several CFPB projects previously slated for completion in 2013.
The projects listed as “work in progress” that now have first quarter 2014 planned completion dates are: (1) an evaluation of the CFPB’s hiring process, (2 ) an evaluation of the CFPB’s compliance with Dodd-Frank Section 1100G (SBREFA ) which requires the CFPB to convene a small business panel before issuing regulations that the CFPB Director expects to have a significant impact on a substantial number of small business entities, (3) an audit of the CFPB’s civil penalty fund, and (4) an evaluation of the CFPB’s supervision program for large banks and nonbanks. … Continue Reading
OIG issues report criticizing CFPB’s practice of bringing enforcement attorneys to exams
Effective this past November 1, the CFPB ended its controversial practice of having enforcement attorneys regularly participate in examinations of supervised entities. Since first learning of the CFPB’s practice, we had expressed our deep concern about the practice’s inhibiting effect on free and open communications between the CFPB and supervised entities and urged the CFPB to reconsider the practice. … Continue Reading
OIG issues report on CFPB information security system
The Bureau’s Office of Inspector General (OIG) (which it shares with the Fed) recently issued its 2013 report card on the CFPB’s information security system. While the OIG states in the audit report that the CFPB has made “significant progress in developing, documenting, and implementing its information security program,” the OIG nevertheless found “opportunities” for further improvement. … Continue Reading
OIG delays dates for CFPB projects and finds improvement needed in CFPB’s purchase card and travel card programs
In its work plan updated as of September 30, 2013, the Office of Inspector General (OIG) for the Fed and CFPB has delayed the dates for when it expects to begin or complete several CFPB projects from the corresponding dates contained in the OIG’s work plan updated as of August 30, 2013. … Continue Reading
How secure is the CFPB’s consumer complaint system?
An audit of the CFPB’s Consumer Response System (CRS) by the Federal Reserve’s Office of Inspector General (OIG) found that improvements are needed to ensure that the requirements of the Federal Information Security Management Act of 2002 are met. The system allows consumers to submit complaints through the CFPB’s website. The OIG’s Executive Summary of its findings indicates that its report includes nine recommendations to CRS management to strengthen security controls for the system. … Continue Reading