On September 29th, the Office of the Inspector General (OIG) that oversees the CFPB released a memorandum detailing the major management challenges facing the CFPB.  The memo identified four areas of improvement that, unless addressed, would otherwise hamper the CFPB’s ability to accomplish its strategic objectives:

• Ensuring an Effective Information Security Program
• Ensuring Comprehensive Policies and Procedures Are in Place and Followed
• Maturing the Human Capital Program
• Managing and Acquiring Sufficient Workspace to Support CFPB Activities

Despite the vast quantities of consumer information being collected by the CFPB as part of its consumer protection mission, the CFPB has not fully implemented an information security continuous monitoring program, including a comprehensive data loss prevention system and oversight of contractor-operated information systems. … Continue Reading