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Report File
Date Issued
Submitting OIG
Federal Reserve Board & CFPB OIG
Agencies Reviewed/Investigated
Consumer Financial Protection Bureau
Report Number
2024-SR-C-021
Report Type
Inspection / Evaluation
Agency Wide
Yes
Number of Recommendations
4
Questioned Costs
$0
Funds for Better Use
$0
Report updated under NDAA 5274
No

Open Recommendations

This report has 4 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
1 No $0 $0

Establish Supervision’s objectives for the onboarding process for transitioning depository institutions.

2 No $0 $0

Establish clear roles and responsibilities at the headquarters level for overseeing Supervision’s onboarding process.

3 Yes $0 $0

Develop and implement an officewide policy that describes management’s expectations for onboarding depository institutions that transition to the CFPB’s supervisory oversight. The policy should articulate
a. key onboarding steps that OSE should take before and after a depository institution transitions.
b. expected time frames for completing the key steps.
c. guidance on coordinating with the prudential regulator of the onboarding institution, including discussion topics; documentation needs; and the process for managing preexisting supervisory issues, such as MRAs and enforcement actions.

4 No $0 $0

Develop methods to monitor OSE’s execution of the onboarding process, including
a. a tracking mechanism to determine whether the key onboarding steps have been completed.
b. a process for obtaining feedback from the depository institutions that transitioned regarding the effectiveness of the onboarding process.
c. a forum for the regional offices to share their experiences regarding the onboarding process to drive continuous improvement.

Federal Reserve Board & CFPB OIG

United States