The CFPB Is Generally Prepared to Implement the OPEN Government Data Act and Can Take Additional Steps to Further Align With Related Requirements

The CFPB obtains and uses data to inform its decisionmaking and ensure that financial products and services are more transparent to the public. We evaluated the agency's readiness to implement the OPEN Government Data Act, which includes requirements for data governance, management, and transparency.

The CFPB generally complies with phase I of Office of Management and Budget guidance for the OPEN Government Data Act and is generally prepared to implement draft phase II guidance. However, the CFPB can enhance its data governance by making some technical updates to relevant policy, and the agency should prepare a draft strategic information resources management plan to more readily comply with phase II guidance, once finalized.

This report contains recommendations.