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OFFICE OF INSPECTOR GENERAL
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
CONSUMER FINANCIAL PROTECTION BUREAU
September 29, 2014
Associate Director, Division of Research, Markets, and Regulation
Consumer Financial Protection Bureau
Melissa Heist /signed/
Associate Inspector General for Audits and Evaluations
OIG Report No. 2014-SR-C-013: The CFPB Complies With Section 1100G of the Dodd-Frank Act, but Opportunities Exist for the CFPB to Enhance Its Process
The Office of Inspector General has completed its report on the subject evaluation. Our objective for this evaluation was to assess the Consumer Financial Protection Bureau's (CFPB) compliance with section 1100G of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This section of the act requires the CFPB to assess the impact of any proposed rule on the cost of credit for small business entities through regulatory flexibility analyses and to convene panels to seek direct input from small business entities prior to issuing certain rules.
Our report contains three recommendations. We recommend that the CFPB finalize RMR's interim policies and procedures, establish a standard approach to managing electronic documents that facilitates retrieval of section 1100G rulemaking supporting documentation, and ensure that the standard approach complies with CFPB and other applicable provisions. 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 C in our report.
We appreciate the cooperation that we received from the Division of Research, Markets, and Regulation. Please contact me if you would like to discuss this report or any related issues.
J. Anthony Ogden