The Office of Inspector General, or OIG, of the Board of Governors of the Federal Reserve System has issued its first listing of major management challenges facing the CFPB. These challenges represent what OIG believes to be the areas that, if not addressed, are most likely to hamper the CFPB’s accomplishment of its strategic objectives.

The major management challenges are:

• Improving the operational efficiency of supervision
• Building and sustaining a high-performing workforce
• Implementing new management operations
• Providing for space needs
• Ensuring an effective information security program

As to improving operational efficiency of supervision, OIG’s work indicated that improving operational effectiveness will be a focus of management’s attention in the coming year as the CFPB works to:

• Clear a considerable number of draft examination reports that have yet to be issued
• Improve its reporting timeliness
• Ensure the timely recording of data in its tracking system
• Formalize the process for scheduling and tracking examiner hours