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OIG updated work plan delays completion dates

Posted in CFPB General

In its work plan updated as of January 21, 2014, the Office of Inspector General (OIG) for the Fed and CFPB has pushed back until this year the expected completion dates for several CFPB projects previously slated for completion in 2013. 

The projects listed as “work in progress” that now have first quarter 2014 planned completion dates are: (1) an evaluation of the CFPB’s hiring process, (2 ) an evaluation of the CFPB’s compliance with Dodd-Frank Section 1100G (SBREFA ) which requires the CFPB to convene a small business panel before issuing regulations that the CFPB Director expects to have a significant impact on a substantial number of small business entities, (3) an audit of the CFPB’s civil penalty fund, and (4) an evaluation of the CFPB’s supervision program for large banks and nonbanks.   

Also listed in the work plan as a “work in progress” is an audit of the CFPB’s public consumer complaint database.  The audit has a planned completion date of fourth quarter 2014. 

The work plan indicates that in the first quarter 2014, the OIG plans to start a joint audit of the coordination between the CFPB and other regulatory agencies with respect to conducting supervisory activities.  The other OIGs participating in the audit will be the OIGs for the FDIC, NCUA, and Treasury.  Dodd-Frank requires the CFPB to coordinate its supervisory activities with the federal prudential regulators and state financial regulators.  According to the work plan, the audit’s objective “will be to confirm that the required coordination is occurring and to assess its effectiveness.”