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October 1, 2013–March 31, 2014

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Full Report:


Communications and Coordination

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 workgroups. Highlights of our communications and coordination activities follow.

Congressional Coordination and Testimony

The OIG communicates and coordinates with various congressional committees on issues of mutual interest. During the reporting period, we provided 22 responses to inquiries from congressional members and staff concerning the Board and the CFPB.

Council of Inspectors General on Financial Oversight

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 December 5, 2013, and March 13, 2014. CIGFO is also 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 plans to issue its fourth annual report in July 2014.

Council of the Inspectors General on Integrity and Efficiency and Inspector General Community Involvement

The IG is a member of CIGIE, which provides a forum for IGs from various government agencies to discuss governmentwide 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 Inspector General 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 Inspector General 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.

Financial Regulatory Coordination

To foster cooperation on issues of mutual interest, the IG communicates periodically with the IGs from other federal financial regulatory agencies, including 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 U.S. Department of Housing and Urban Development, and the Federal Housing Finance Agency. In addition, the Associate Inspector General for Audits and Evaluations and the Associate Inspector General for Information Technology and their management staffs meet with their financial regulatory agency OIG counterparts to discuss various topics, such as annual plans and ongoing projects. The OIG also coordinates with the U.S. Government Accountability Office regarding financial regulatory and other related issues.