Since our last blog post about the OIG’s work plan, the work plan has been updated as of August 7, 2015 to add four new projects.  A newly added ongoing project is a “Security Control Review of the CFPB’s SQL Environment.”  (An SQL environment is a database management system.)  The OIG’s specific audit objective is to evaluate the adequacy of certain control techniques designed to protect data within the system from unauthorized access, modification, destruction, or disclosure.  … Continue Reading

The Office of Inspector General for the Fed and CFPB (OIG) has issued a report on the results of its audit of the construction costs for the CFPB’s Washington, D.C. headquarters renovation.  The renovation costs have been the subject of criticism by some lawmakers.

The OIG found that the costs “appear reasonable based on comparisons to an independent cost estimate and the costs of two comparable building renovations identified by the U.S.… Continue Reading

The Office of Inspector General (OIG) for the Fed and CFPB recently completed its review of the information system security controls for the CFPB’s Data Team (DT) Complaint Database.  The DT Complaint Database supports the CFPB’s Consumer Response System through which the CFPB collects and responds to consumer complaints and is the source of consumer complaint information published on the CFPB’s website.  … Continue Reading

Since we last blogged about the Office of Inspector General’s work plan, the OIG has updated its work plan to add several new projects and move back the estimated completion dates of several ongoing projects.

The OIG’s work plan updated as of June 26, 2015 includes the following new projects:

Ongoing projects:

  • Security Control Review of the CFPB’s Public Website (estimated completion fourth quarter 2015)
  • 2015 Audit of the CFPB’s Information Security Program (estimated completion fourth quarter 2015)
  • Evaluation of the CFPB’s Coordination With External Organizations to Implement Targeted Consumer Education (estimated completion first quarter 2016)
  • Audit of the CFPB’s Advisory Board and Councils (estimated completion second quarter 2016)

Planned projects:

  • Audit of the CFPB’s Contract Solicitation, Selection, and Award Process
  • CFPB Security Control Reviews

The OIG has also moved back the estimated completion dates of several ongoing projects previously estimated to be completed in the first or second quarter of 2015. … Continue Reading

The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.”  The memo follows up on a report issued last month by the Offices of Inspector General for the Fed/CFPB, FDIC, Treasury and NCUA setting forth the results of their review of the extent to which the CFPB and prudential regulators (FDIC, Fed, OCC and NCUA) were coordinating their supervisory activities and avoiding duplication of regulatory oversight responsibilities.… Continue Reading

The Office of Inspector General’s (OIG) work plan, updated as of November 7, 2014, indicates that the OIG’s ongoing projects include audits of the CFPB’s information security program, pay and compensation program, distribution of civil penalty funds, public consumer complaint database and headquarters renovation costs.  Such projects also include an evaluation of the CFPB’s hiring process.… Continue Reading

The joint Federal Reserve/CFPB Office of the Inspector General (OIG) recently issued its first listing of “major management challenges” facing the CFPB.  These challenges represent what the OIG believes to be “the areas that, if not addressed, are most likely to hamper the CFPB’s accomplishment of its strategic objectives.”  To identify the challenges, the OIG used audit and evaluation work it performed and audits performed by the U.S.… Continue Reading