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CFPB Report: FRB OIG 2011-03 July 15, 2011
On July 15, 2011, our office and the Treasury OIG jointly issued a report on the CFPB's implementation planning activities related to standing up the agency. The review's objective was to assess the CFPB's efforts to (1) identify missioncritical activities and legislative mandates; (2) develop and execute a comprehensive implementation plan and timeline for mission-critical activities and legislative mandates; and (3) communicate its implementation plan and timeline to certain key stakeholders.
Our review found that the CFPB identified and documented implementation activities critical to standing up the agency's functions and necessary to address certain Dodd-Frank Act requirements. Furthermore, the CFPB developed and was implementing appropriate plans that supported ongoing operations as well as the July 21, 2011, transfer of employees and functions. We reported the status of the CFPB's implementation progress for certain activities as follows:
We also reported that the CFPB communicated its planning and implementation of standup activities to internal stakeholders and provided information to other consumer regulatory agencies regarding its transfer planning. Nevertheless, we concluded that CFPB's operational success will depend, in part, on its ability to effectively execute its plans. As part of our ongoing oversight efforts, we plan to continue to monitor the progress of CFPB's implementation activities.