The Office of Inspector General of the Board of Governors of the Federal Reserve System conducted an initial evaluation to assess the operational efficiency and effectiveness of the Consumer Financial Protection Bureau’s supervision program.

The OIG believes the CFPB can improve the efficiency and effectiveness of its supervisory activities.  Specifically, it found that the CFPB needs to:

• improve its reporting timeliness and reduce the number of examination reports that have not been issued,
• adhere to its unequivocal standards concerning the use of standard compliance rating definitions in its examination reports, and
• update its policies and procedures to reflect current practices.