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Date Issued
Submitting OIG
Federal Reserve Board & CFPB OIG
Agencies Reviewed/Investigated
Board of Governors of the Federal Reserve System
Report Number
2026-SR-B-004
Report Type
Inspection / Evaluation
Agency Wide
Yes
Number of Recommendations
3
Questioned Costs
$0
Funds for Better Use
$0
Report updated under NDAA 5274
No
External Link
https://oig.federalreserve.gov/reports/board-banking-applications-mar2026.htm

Open Recommendations

This report has 3 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
1 No $0 $0

Implement guidance and training on the requirements for the additional time tracking data fields in FedEZFile for case managers.

2 No $0 $0

Develop reports or dashboards that leverage the updated FedEZFile fields to provide case managers and management with enhanced visibility on each application's status, such as milestones that are approaching targets or are overdue.

3 No $0 $0

Establish a process to periodically
a. identify recurring themes and apparent patterns across applications, such as aspects of the process where actual processing times frequently exceed targets.
b. assess whether existing targets for key milestones should be recalibrated or additional targets should be established.
c. assess whether additional information should be captured in FedEZFile to enhance ongoing monitoring of the application process, such as fields for each level of manager and officer review.

Federal Reserve Board & CFPB OIG

United States