In its initial evaluation of the operational efficiency and effectiveness of the Consumer Financial Protection Bureau’s (CFPB or Bureau) supervision program, the Federal Reserve Board’s Office of Inspector General (OIG) reported on March 27, 2014, that the Bureau could strengthen its supervisory activities by:
- Improving its reporting timeliness and minimizing the number of outstanding examination reports;
- Adhering to its unequivocal standards concerning the use of standard compliance rating definitions in its examination reports; and
- Updating its policies and procedures to reflect current practices.
In all, the OIG report included eight findings, each of which is accompanied by recommendations to assist the CFPB in strengthening its supervision program. In its response (included as an Appendix to the report), the Bureau concurred with the recommendations and outlined actions it would take to address them.