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April 1, 2013–September 30, 2013
The OIG's primary mission is to enhance the economy, efficiency, and effectiveness of Board and CFPB programs and operations, and we coordinate externally and work internally to achieve our goals and objectives. Externally, we regularly coordinate with and provide information to Congress and congressional staff. We also are active members of the broader IG professional community and promote collaboration on shared concerns. Internally, we consistently strive to enhance and maximize efficiency and transparency in our infrastructure and day-to-day operations. Within the Board, the CFPB, and the Federal Reserve System, we continue to provide information about the OIG's roles and responsibilities. In addition, we participate in an advisory capacity on various Board work groups. Highlights of these activities follow.
The OIG communicates and coordinates with various congressional committees on issues of mutual interest. During the reporting period, we provided 26 responses to inquiries from congressional members and staff concerning the Board and the CFPB.
Consistent with the Dodd-Frank Act, 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. During this reporting period, CIGFO met on June 24, 2013, and September 23, 2013. The Dodd-Frank Act authorizes CIGFO, by a majority vote, to convene a working group to evaluate the effectiveness and internal operations of FSOC. As discussed on page 19, the CIGFO working group concluded its work to examine the rules, procedures, and practices established by FSOC and its member agencies to designate FMUs as systemically important and therefore subject to the requirements of title VIII of the Dodd-Frank Act. In addition, the working group made inquiries regarding FSOC's processes to designate payment, clearing, and settlement activities conducted by financial institutions as systemically important. CIGFO is required to annually issue a report that highlights the IGs' concerns and recommendations, as well as issues that may apply to the broader financial sector. CIGFO issued its third annual report in July 2013.
The IG is a member of CIGIE, which provides a forum for IGs from various government agencies to discuss government-wide issues and shared concerns. Collectively, the members of CIGIE work toward improving government programs and operations. The IG also serves as a member of CIGIE's Legislation Committee and Investigations Committee and leads the Information Technology Subcommittee of the Legislation Committee. The Legislation Committee is the central point of information regarding legislative initiatives and congressional activities that may affect the community, such as proposed cybersecurity legislation that was reviewed during the reporting period. The Investigations Committee advises the IG community on issues involving criminal investigations, criminal investigations personnel, and establishing criminal investigative guidelines. The Associate IG for Legal Services serves as the chair of the Council of Counsels to the IG, and Legal Services staff attorneys are members of the council. In addition, the Associate IG for Information Technology, as the chair of the IT Committee of the Federal Audit Executive Council, works with IT audit staff throughout the IG community and reports to the CIGIE Audit and IT Committees on common IT audit issues.
To foster cooperation on issues of mutual interest, the IG communicates periodically with the IGs from other federal financial regulatory agencies: the FDIC, Treasury, the National Credit Union Administration, the Securities and Exchange Commission, the Farm Credit Administration, the Commodity Futures Trading Commission, the Pension Benefit Guaranty Corporation, the Export-Import Bank, and the Federal Housing Finance Agency. In addition, the Associate IG for Audits and Evaluations and the Associate IG for Information Technology and their management staffs meet with their financial regulatory agency OIG counterparts to discuss various topics, such as bank failure material loss review best practices, annual plans, and ongoing projects. The OIG also coordinates with the Government Accountability Office regarding financial regulatory and other related issues.