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OFFICE OF INSPECTOR GENERAL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONSUMER FINANCIAL PROTECTION BUREAU
September 30, 2014
The Office of Inspector General has completed its final report on the subject audit. We conducted this audit to assess the extent and effectiveness of the Board of Governors of the Federal Reserve System’s Division of Reserve Bank Operations and Payment Systems’ (RBOPS) oversight of Federal Reserve Banks’ wholesale financial services. Specifically, our review focused on the Financial Market Infrastructure Oversight group’s onsite review activities for wholesale financial services.
Our report contains one recommendation designed to enhance RBOPS’s oversight of the Reserve Banks’ wholesale financial services. In your response to our draft report, you generally concurred with our recommendation and indicated that you have initiated efforts to augment existing procedures and, if necessary, develop new procedures that guide your onsite reviews of wholesale financial services. We have included your response as appendix C in our report.
We appreciate the cooperation that we received from staff of the Financial Market Infrastructure Oversight, Oversight Program Management, and Information Technology groups in RBOPS, as well as the responsible Federal Reserve Banks. Please contact me if you would like to discuss this report or any related issues.