News & Analysis as of

Office of the Inspector General Consumer Financial Protection Bureau (CFPB)

Paul Hastings LLP

Daily Financial Regulation Update -- Monday August 5, 2024

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August 2, 2024- The Federal Reserve Board requested comment on a proposed rule that would establish data standards for certain information collections submitted to financial regulatory agencies....more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday June 5, 2024

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June 4, 2024- The Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. June 4, 2024- ...more

Orrick, Herrington & Sutcliffe LLP

OIG makes recommendations for CFPB’s examiner commissioning program

On May 15, the Office of Inspector General (OIG) for the Fed and CFPB published a report entitled “The CFPB Can Enhance Certain Aspects of Its Examiner Commissioning Program.” The report assessed the CFPB’s examiner...more

Orrick, Herrington & Sutcliffe LLP

OIG releases CFPB and Fed list of open recommendations

On April 22, the OIG, which oversees the CFPB and the Fed, released two audit and evaluation reports that noted previously identified recommendations to improve or correct issues that remain open as of March 31, including...more

Orrick, Herrington & Sutcliffe LLP

CFPB limits examiner term limits to five years after concurring with OIG recommendations

On February 26, the Office of Inspector General for the CFPB (OIG) released a report entitled, “The CFPB Can Enhance Certain Practices to Mitigate the Risk of Conflicts of Interest for Division of Supervision, Enforcement and...more

Orrick, Herrington & Sutcliffe LLP

Fed’s OIG report on CFPB says training improvements needed to meet enforcement goals

Recently, the Office of Inspector General of the Federal Reserve Board released a report assessing the CFPB’s process for conducting enforcement investigations. ...more

Ballard Spahr LLP

OIG report finds CFPB can enhance certain aspects of its enforcement investigations process

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The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations.  OIG concluded that the CFPB can enhance...more

Goodwin

OIG Issues Report Concerning CFPB Enforcement Investigations

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On January 8, 2024, the Office of Inspector General (OIG) issued an Evaluation Report (Report) concluding that the Consumer Financial Protection Bureau (CFPB or Bureau) should “enhance certain aspects of its enforcement...more

Holland & Knight LLP

Holland & Knight Health Dose: July 11, 2023

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Holland & Knight Health Dose is an in-depth weekly dose of legislative and regulatory insights to keep stakeholders abreast of happenings in Washington, D.C., impacting the health sector. ...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, December 13, 2022

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December 12, 2022- The Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, May 27, 2022

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Congress- U.S. House of Representatives- Committee on Financial Services- Hearing: Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency-...more

Manatt, Phelps & Phillips, LLP

CFPB News: New Rules, AG Overdraft Comments, OIG Report

The Consumer Financial Protection Bureau (CFPB or Bureau) turned its focus to rulemaking, with the Bureau issuing a final rule amending Regulation CC and extending the comment period on the advanced notice of proposed...more

Ballard Spahr LLP

OIG report looks at CFPB internal sharing of complaint data

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The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB. ...more

Manatt, Phelps & Phillips, LLP

OIG Audit Addresses Data Security Concerns at the CFPB

The independent auditor of the Office of Inspector General (OIG) of the Federal Reserve System reported on cybersecurity issues at the Consumer Financial Protection Bureau (CFPB), and the report does not quite fit the picture...more

Ballard Spahr LLP

OIG finds incomplete CFPB response to unaccounted-for-laptops

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The CFPB’s Office of Inspector General has issued a report indicating that, in performing an audit of the CFPB’s encryption of data on mobile devices issued to staff members, the OIG found the CFPB had not yet completed all...more

Ballard Spahr LLP

OIG report finds CFPB’s examination workpaper documentation practices can be improved

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The Office of Inspector General (OIG) for the CFPB and Fed has issued a report that found the CFPB can improve its practices related to examination workpaper documentation. This report follows another OIG report issued last...more

Ballard Spahr LLP

OIG report finds effectiveness of CFPB’s examiner commissioning and training programs could be improved

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The Office of Inspector General (OIG) for the CFPB and Fed has issued a report on the results of its evaluation of the effectiveness of the CFPB’s Examiner Commissioning Program (ECP) and On-the-Job Training (OJT) programs. ...more

Ballard Spahr LLP

CFPB “Can Improve” Recordkeeping and Notifications of Purpose in Civil Investigative Demands, OIG Finds

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On September 20, 2017, the Federal Reserve’s Office of Inspector General (“OIG”) issued a report on the CFPB’s process for issuing Civil Investigative Demands (“CID”). The OIG found that the CFPB “generally complied” with...more

Ballard Spahr LLP

Updated OIG work plan for CFPB adds new project on sharing complaint data

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Since our last blog post about the Office of Inspector General’s work plan for the CFPB, the work plan has been updated as of July 1, 2017 to add one new planned project....more

Ballard Spahr LLP

OIG reports on CFPB’s public website security controls

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The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website...more

Ballard Spahr LLP

OIG Report Continues Criticism of CFPB Enforcement Data Security Practices

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On May 15, 2017, the Federal Reserve Office of Inspector General – which also oversees the CFPB – released a report finding deficiencies in the CFPB Office of Enforcement’s (Enforcement) processes for securing sensitive...more

Ballard Spahr LLP

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

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The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

Ballard Spahr LLP

OIG report finds CFPB can strengthen conflict of interest controls related to vendor activities

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The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated...more

Morrison & Foerster LLP

Financial Services Report, Winter 2016

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

King & Spalding

Federal Reserve Board’s OIG Issues Reports Highlighting The Importance of Cybersecurity

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In two reports issued on September 29, 2016, the Federal Reserve’s Office of Inspector General (“OIG”) discussed major management challenges facing the Federal Reserve Board (the “Board”) and the Consumer Financial Protection...more

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