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OFFICE OF INSPECTOR GENERAL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONSUMER FINANCIAL PROTECTION BUREAU
September 30, 2014
Melissa Heist /signed/
Associate Inspector General for Audits and Evaluations
OIG Report No. 2014-SR-B-015: Opportunities Exist to Enhance the Board's Oversight of Future Complex Enforcement Actions
The Office of Inspector General (OIG) has completed its final report on the subject evaluation. We conducted this evaluation to (1) evaluate the Board of Governors of the Federal Reserve System's (Board) overall approach to oversight of the amended consent orders, (2) determine the effectiveness of the Board's oversight of the slotting process, and (3) determine the effectiveness of the Board's oversight of the paying agent, Rust Consulting, Inc.
Our report contains five recommendations to enhance the Board's oversight of future complex enforcement actions. In your response, you stated that you generally agreed with our recommendations and that you will leverage information learned throughout the IFR process and the implementation of the payment agreement for similar complex enforcement actions in the future. We have included your response as appendix C in our report.
We appreciate the cooperation that we received from the Board's Division of Banking Supervision and Regulation, the Division of Consumer and Community Affairs, and the Legal Division. Please contact me if you would like to discuss this report or any related issues.
J. Anthony Ogden
Michael S. Gibson, Director, Division of Banking Supervision and Regulation
Eric S. Belsky, Director, Division of Consumer and Community Affairs
Scott G. Alvarez, General Counsel, Legal Division