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FHFA Followed Its Guidance When Making Conservatorship Decisions But Needs to Improve Retention of Decision Documentation and Update the Conservatorship Decision Policy and Procedures

Related Open Recommendations

Recommendation Number Recommendation Status Significant Recommendation Additional Details
AUD-2023-003-1 Open No
FHFA should reiterate the requirements for documenting conservatorship decisions to all responsible offices. Further, DCOR should evaluate FHFA’s conservatorship decision document management practices and assess the feasibility of improvements such as implementing a pre-issuance quality control review of responsible offices’ conservatorship decision documentation and implementing a centralized conservatorship decision documentation management system.
AUD-2023-003-2 Open No
FHFA should update FHFA’s conservatorship decision policy and procedures to align with current practice and: a. Provide clarity on approval authorities for issuing conservatorship directives and CSS decisions. b. Provide guidance on performing and documenting monitoring and surveillance activities. c. Establish procedures for issuing guidance decisions. d. Establish procedures describing FHFA’s practice to de-escalate LOI decision requests.
Displaying 2 of 2 Recommendations