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Report File
Date Issued
Submitting OIG
Federal Reserve Board & CFPB OIG
Other Participating OIGs
Federal Reserve Board & CFPB OIG
Agencies Reviewed/Investigated
Board of Governors of the Federal Reserve System
Report Number
2023-SR-B-013
Report Type
Inspection / Evaluation
Agency Wide
Yes
Number of Recommendations
7
Questioned Costs
$0
Funds for Better Use
$0

Open Recommendations

This report has 5 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
1 No $0 $0

Assess the current regional banking organization supervision framework and determine whether adjustments should be made based on a supervised institution’s size and complexity, such as unique or concentrated business models or rapid growth. Based on the determination, develop and implement training for RBO Supervision staff that emphasizes the need for varying approaches based on an institution’s size, complexity, and business model.

2 No $0 $0

Assess whether the Bank Exams Tailored to Risk models are appropriate for regional banking organizations, specifically those that are large or complex or that present unique risk factors such as concentrated business models or rapid growth, and determine whether a different approach to determining the scope and resources for examinations is needed.

3 No $0 $0

Assess the current regional banking organization supervisory planning process and implement measures to tailor supervisory plans to better promote a timely focus on salient risks.

4 No $0 $0

Develop an approach for transitioning institutions from the regional banking organization (RBO) portfolio to the large and foreign banking organization (LFBO) portfolio and determine how best to involve LFBO Supervision earlier, such as through joint reviews with RBO Supervision, and how to more timely form a dedicated supervisory team. Based on the approach developed, finalize and issue formal guidance on transitioning RBOs to the LFBO portfolio that includes steps and a timeline for forming a DST, approaches for the two Supervision sections to collaborate, and a list of potential RBO and LFBO joint reviews to conduct to better prepare an institution for the transition.

5 No $0 $0

Reiterate to examination teams the purpose of the Risk and Surveillance Sections’ reports and the need to closely reflect on their contents to help inform their ongoing supervisory activities.

Federal Reserve Board & CFPB OIG

United States