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CFPB Report: 2014-AE-C-005 March 27, 2014

The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities

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

March 27, 2014

Memorandum

TO:

Steve Antonakes
Deputy Director and Associate Director for Supervision, Enforcement, and Fair Lending
Consumer Financial Protection Bureau

FROM:

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

SUBJECT:

OIG Report No. 2014-AE-CF-005:  The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities

The Office of Inspector General has completed its report on the subject evaluation. We conducted this evaluation of the Consumer Financial Protection Bureauís (CFPB) supervision program to (1) review key program elements, including policies and procedures, examination guidance, and controls to promote consistent and timely reporting; (2) assess the approach for staffing examinations; and (3) assess the training program for examination staff.

We provided you with a draft of our report for review and comment. In your response, you concurred with our recommendations and outlined actions that have been or will be taken to address our recommendations. We have included your response as appendix B to our report.

We appreciate the cooperation that we received from CFPB staff during our evaluation. Please contact me if you would like to discuss this report or any related issues.

cc:

Stephen Agostini 
David Bleicken 
Patrice Ficklin 
Paul Sanford 
Peggy Twohig