FHFA’s Failure to Include the Financial Crimes and Model Components in its CSS Risk Assessment Is Inconsistent with a Risk-Based Approach to Supervision

Submitting OIG:

Federal Housing Finance Agency OIG

Date Issued:

Tuesday, March 23, 2021

Agency Reviewed / Investigated:

Federal Housing Finance Agency

Submitting OIG-Specific Report Number:

AUD-2021-005

Location(s):

United States

Type of Report:

Audit

Number of Recommendations:

View Document:

Attachment	Size
AUD-2021-005-CSS-Risk-Assessments-Audit-public.pdf	995.68 KB

Related Open Recommendations

Recommendation Number	Recommendation Status	Significant Recommendation
AUD-2021-005-1	Open	No
Going forward, FHFA should ensure a risk assessment for Common Securitization Solutions, LLC (CSS) is prepared and approved annually in accordance with Division of Enterprise Regulation requirements.
AUD-2021-005-2	Open	No
FHFA should include all required components, including the Financial Crimes and Model components, when preparing the annual risk assessment for CSS.

Federal Housing Finance Agency OIG

Federal Housing Finance Agency

FHFA-OIG promotes economy, efficiency, and effectiveness and protects FHFA and the entities it regulates against fraud, waste, and abuse, contributing to the liquidity and stability of the nation’s housing finance system. We accomplish this mission by providing independent, relevant, timely, and transparent oversight of the Agency in order to promote accountability, integrity, economy, and efficiency; advising the Director of the Agency and Congress; informing the public; and engaging in robust enforcement efforts to protect the interests of the American taxpayers.

https://fhfaoig.gov/

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FHFA’s Failure to Include the Financial Crimes and Model Components in its CSS Risk Assessment Is Inconsistent with a Risk-Based Approach to Supervision

Related Open Recommendations