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Opportunities Exist to Enhance the Board’s Oversight of Future Complex Enforcement Actions

The Office of Inspector General (OIG) conducted an evaluation of the Board of Governors of the Federal Reserve System’s (Board) oversight of the Independent Foreclosure Review (IFR) payment agreement. In January 2013, the Board and the Office of the Comptroller of the Currency (OCC) agreed to the payment agreement with certain mortgage servicers to provide approximately $3.67 billion in payments to approximately 4.2 million borrowers based on possible harm

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