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Board Report: 2014-FMIC-B-009 June 30, 2014

The Board Should Enhance Its Policies and Procedures Related to Conference Activities

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Memorandum

OFFICE OF INSPECTOR GENERAL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONSUMER FINANCIAL PROTECTION BUREAU

June 30, 2014

Memorandum

TO:

Distribution List

FROM:

Melissa Heist /signed/
Associate Inspector General for Audits and Evaluations

SUBJECT:

OIG Report No. 2014-FMIC-B-009: The Board Should Enhance Its Policies and Procedures Related to Conference Activities

The Office of Inspector General has completed its final report on the subject evaluation. We conducted this evaluation to review the Board of Governors of the Federal Reserve Systemís (Board) policies and procedures to determine the requirements for Board-sponsored conference activities and to assess the Boardís compliance with the relevant requirements.

Our report contains five recommendations to enhance compliance with existing Board policies and procedures related to Board-sponsored conference activities. In your response, you stated that you generally concurred with our recommendations and that you have made or will make changes to the relevant policies and procedures. We have included your response as appendix C in our report.

We appreciate the cooperation that we received from the Boardís Division of Financial Management, Management Division, and Office of the Secretary. Please contact me if you would like to discuss this report or any related issues.

cc: Donald Hammond, Chief Operating Officer
      Michael Kelly, Manager, Procurement
      Michael Lewandowski, Associate Secretary of the Board
      Marie Savoy, Senior Associate Director, Facility Services, Management Division

Distribution:
William Mitchell, Chief Financial Officer and Director, Division of Financial Management
Michell Clark, Director, Management Division
Robert deV. Frierson, Secretary of the Board