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The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB.

As background, the report describes the tools available to Bureau users of complaint data (complaint-sharing tools) to search such data, identify issues, and summarize data, and also describes Consumer Response’s process for approving access to these tools.… Continue Reading

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report that found the CFPB can improve its practices related to examination workpaper documentation.  This report follows another OIG report issued last month that found the CFPB could improve the effectiveness of its Examiner Commissioning and On-the-Job Training Programs.… Continue Reading

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report on the results of its evaluation of the effectiveness of the CFPB’s Examiner Commissioning Program (ECP) and On-the-Job Training (OJT) Program.  In conducting the evaluation, the OIG assessed the design, implementation, and execution of the two programs.… Continue Reading

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website from compromise.”  Instead of releasing the full report, the OIG only released an executive summary, stating that “given the sensitivity of our information security work, our reports in this area generally are restricted.”… Continue Reading

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.”  The objective of the OIG’s audit was to assess the CFPB’s compliance with applicable laws, regulations and CFPB policies and procedures related to contract solicitation, selection and award processes, as well as the effectiveness of the CFPB’s associated internal controls.… Continue Reading

The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated with using vendors to support fair lending supervision and enforcement.  In addition to performing fair lending analysis internally, the CFPB contracts with outside vendors to conduct fair lending enforcement analysis and expert witness services. … Continue Reading

The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty Fund (CPF).

Section 1017 of the Dodd-Frank Act requires the CFPB to deposit in the CPF the civil penalties it collects in enforcement actions. … Continue Reading

I am delighted to be writing my first blog post for the CFPB Monitor as a new member of Ballard Spahr’s Consumer Financial Services Group.  Before joining the Group, I served as an investigator in the CFPB’s Consumer Response Division which is responsible for maintaining the CFPB’s Consumer Complaint Database.

In a new report on internal controls governing accuracy in the Database, the Office of Inspector General (OIG) for the Federal Reserve found a number of ways that the CFPB’s management of the Database could be improved. … Continue Reading