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April 1, 2014–September 30, 2014

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Message From the Inspector General

We have done a tremendous amount of work in the last six months as we implemented our Strategic Plan 20132016. I would like to highlight three significant accomplishments for our office, and I hope that you will read this Semiannual Report to Congress for details on all our activities for the reporting period.

First, we issued our inaugural listings of major management challenges for the Board of Governors of the Federal Reserve System (Board) and the Consumer Financial Protection Bureau (CFPB). Although we are not required by law, as most Offices of Inspector General (OIGs) are under the Reports Consolidation Act of 2000, to issue major management challenges, we believe that it is our duty to highlight those critical areas that the Board and the CFPB need to address to successfully accomplish their strategic objectives.

Major Management Challenges for the Board

  1. Continuing to Implement a Financial Stability Regulatory and Supervisory Framework
  2. Human Capital
  3. Board Governance
  4. Capital Improvement Projects
  5. Information Security

Major Management Challenges for the CFPB

  1. Improving the Operational Efficiency of Supervision
  2. Building and Sustaining a High-Performing Workforce
  3. Implementing New Management Operations
  4. Providing for Space Needs
  5. Ensuring an Effective Information Security Program

These major management challenges align with recent congressional concerns on issues such as information security, workforce diversity and inclusion, and capital spending on major renovation and construction projects. By focusing our work on these high-risk areas, we are uniquely positioned to help the Board and the CFPB overcome their operational and programmatic challenges. We will continue to monitor how the Board and the CFPB address these challenges going forward.

Second, we launched our new public website. Our new site delivers a better user experience as it clearly highlights our work for both the Board and the CFPB on its landing page and is reader-friendly on mobile devices. It provides clearer information about who we are, what we do, and how agency employees and others can help, including expanded FAQs about the OIG in general, as well as our audits, investigations, and Hotline. A new Hotline section also provides an online form to make it easier to report fraud, waste, or abuse.

Finally, our office underwent an independent audit peer review during this reporting period, the first to occur after we established an OIG Quality Assurance program to ensure compliance with applicable standards for all OIG operations. I am pleased and proud to report that we received a rating of pass. For this accomplishment, and for all the important work that was undertaken during this reporting period, I extend my sincerest thanks to all OIG staff members.

Sincerely,

/signed/

Mark Bialek
Inspector General
October 31, 2014