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CFPB Report: October 29, 2013
OFFICE OF INSPECTOR GENERAL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONSUMER FINANCIAL PROTECTION BUREAU
WASHINGTON, DC 20551
October 29, 2013
The Honorable Henry A. Waxman
Co-Chair, Bicameral Task Force on Climate Change
Committee on Energy and Commerce
U.S. House of Representatives
Washington, DC 20515
Dear Ranking Member Waxman:
This letter is in response to the February 25, 2013, letter from the Bicameral Task Force on Climate Change (Task Force), which requested that the Office of Inspector General review how the entities we oversee are confronting climate change. As the Office of Inspector General of the Consumer Financial Protection Bureau (CFPB), we provided an initial response to the Task Force's letter on March 28, 2013, and this letter is our final response.
The first part of the Task Force's letter requested that we (1) identify the existing requirements in legislation, regulation, executive order, and other directives that apply to the CFPB; (2) assess whether the CFPB is meeting these requirements; and (3) make recommendations for improving the CFPB's performance if it is not fully meeting the requirements. The second part of the letter requested our assessment of (1) the authorities the CFPB has to reduce emissions of heat-trapping pollution, (2) the CFPB's authorities to make the nation more resilient to the effects of climate change, and (3) the most effective additional steps the CFPB could take to reduce emissions or strengthen resiliency.
In our initial response, we explained that we forwarded your request to the CFPB for its opinion on the applicability of federal climate change requirements and the status of its compliance with those applicable requirements. The CFPB's Legal Division is responsible for determining the federal climate change requirements to which the CFPB is subject. We have summarized the CFPB's response to our inquiry below. We provided CFPB officials with a draft of this letter and considered their comments as we prepared the final document.
(1) Identify the existing requirements in legislation, regulation, executive order, and other directives that apply to the CFPB.
The CFPB's Legal Division identified four requirements that apply to the agency.
(2) Assess whether the CFPB is meeting the requirements in (1) above.
CFPB officials described the climate change initiatives it has taken to comply with applicable climate change requirements identified in (1) above.
(3) If the CFPB is not fully meeting the requirements, make recommendations for improving its performance.
Based on (2) above, we do not have any recommendations for the CFPB regarding the requirements in (1) above. We recognize the financial and environmental risks that climate change poses to the federal government, and we will consider additional reviews of the CFPB's climate change initiatives during our annual planning process.
(1) The authorities the CFPB has to reduce emissions of heat-trapping pollution.
The CFPB did not identify any authorities it has to reduce emissions from heat-trapping pollution.
(2) The CFPB's authorities to make the Nation more resilient to the effects of climate change.
The CFPB did not identify any authorities it has to make the nation more resilient to the effects of climate change.
(3) The most effective additional steps the CFPB could take to reduce emissions or strengthen resiliency.
The CFPB did not identify any additional steps that it could take to reduce emissions or strengthen resiliency. We did not conduct a review that would separately identify any additional steps that the CFPB could be taking at this time.
Thank you for your interest in the work of the Office of Inspector General. If you have questions on this or any other matter, please contact me at 202-973-5005 or John Manibusan, Assistant Congressional and Media Liaison, at 202-973-5043. We are providing similar letters to the other Co-Chairs of the Task Force.