News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Office of the Inspector General Banking Sector

Orrick, Herrington & Sutcliffe LLP

CFPB limits examiner term limits to five years after concurring with OIG recommendations

On February 26, the Office of Inspector General for the CFPB (OIG) released a report entitled, “The CFPB Can Enhance Certain Practices to Mitigate the Risk of Conflicts of Interest for Division of Supervision, Enforcement and...more

Orrick, Herrington & Sutcliffe LLP

Fed’s OIG report on CFPB says training improvements needed to meet enforcement goals

Recently, the Office of Inspector General of the Federal Reserve Board released a report assessing the CFPB’s process for conducting enforcement investigations. ...more

Ballard Spahr LLP

CFPB “Can Improve” Recordkeeping and Notifications of Purpose in Civil Investigative Demands, OIG Finds

Ballard Spahr LLP on

On September 20, 2017, the Federal Reserve’s Office of Inspector General (“OIG”) issued a report on the CFPB’s process for issuing Civil Investigative Demands (“CID”). The OIG found that the CFPB “generally complied” with...more

Ballard Spahr LLP

OIG reports on CFPB’s public website security controls

Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website...more

Ballard Spahr LLP

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

Ballard Spahr LLP on

On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Ballard Spahr LLP

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

Ballard Spahr LLP

OIG report finds CFPB can strengthen conflict of interest controls related to vendor activities

Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated...more

Ballard Spahr LLP

CFPB Management Challenges Include Information Security

Ballard Spahr LLP on

On September 29th, the Office of the Inspector General (OIG) that oversees the CFPB released a memorandum detailing the major management challenges facing the CFPB.  The memo identified four areas of improvement that, unless...more

Ballard Spahr LLP

Director Cordray responds to American Banker article

Ballard Spahr LLP on

Two weeks ago, we reported on an article published by the American Banker, which alleged certain inaccuracies and flawed practices in the CFPB’s consumer complaint database, citing several current and former employees of the...more

Ballard Spahr LLP

OIG identifies areas to improve accuracy in Consumer Complaint Database

Ballard Spahr LLP on

I am delighted to be writing my first blog post for the CFPB Monitor as a new member of Ballard Spahr’s Consumer Financial Services Group. Before joining the Group, I served as an investigator in the CFPB’s Consumer Response...more

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