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Board Report:  July 29, 2011

Annual Report of the Council of Inspectors General on Financial Oversight


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Consistent with the Dodd-Frank Act, the CIGFO is required to meet at least quarterly to facilitate the sharing of information among the IGs and to discuss the ongoing work of each IG, with a focus on concerns that may apply to the broader financial sector and ways to improve financial oversight. The Treasury IG chairs the CIGFO. The Dodd-Frank Act authorizes the CIGFO, by a majority vote, to convene a working group to evaluate the effectiveness and internal operations of the Financial Stability Oversight Council (FSOC). 

In addition, the CIGFO is required to produce an annual report that includes a section of individual reports under the "exclusive editorial control" of each CIGFO member highlighting concerns and recommendations that may apply to the broader financial sector. The annual report must also include a summary of general observations of CIGFO members focusing on measures that should be taken to improve financial oversight. The CIGFO issued its first annual report on July 21, 2011. It included a discussion of current and pending joint projects of CIGFO members and an overview of FSOC's compliance with statutory requirements--FSOC had either met or was on target to meet all requirements to date. The report included sections, developed by each IG and under his or her exclusive editorial control, that established a baseline of oversight activity conducted by each IG from the beginning of the current financial crisis through July 14, 2011.