Office of Inspector General for the Board and CFPB Reports from the OIG for the Federal Reserve Board of Governors and the Consumer Financial Protection Bureau
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The Bureau Can Improve the Effectiveness of Its Life Cycle Processes for FedRAMP
on July 22, 2019 at 2:00 pm
The Bureau plans to move to a cloud-only IT infrastructure by 2022, with some of the stated benefits being cost reduction and improvement in service quality. It currently leverages FedRAMP, a governmentwide program offering a risk-based approach to t […]
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OIG Work Plan (Current as of July 1, 2019)
on July 15, 2019 at 2:00 pm
The Work Plan presents the audits and evaluations we are conducting to help the Board and the Bureau fulfill their respective missions. […]
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Bank General Counsel Pleads Guilty to Conspiracy to Defraud First NBC Bank
on July 9, 2019 at 2:30 pm
The United States Attorney’s Office announced that Gregory St. Angelo, age 54, a resident of St. Tammany Parish, pled guilty Friday, June 28, 2019, to conspiring to defraud First NBC Bank, the New Orleans-based bank that failed in April of 2017. […]
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Bureau Efforts to Share Consumer Complaint Data Internally Are Generally Effective; Improvements Can Be Made to Enhance Training and Strengthen Access Approval
on June 6, 2019 at 2:00 pm
Consumers have submitted over 1.7 million complaints about financial products and services with the Bureau since 2011. The agency shares complaint data internally to inform its work. The Bureau has developed tools to help staff search, summarize . . . […]
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Semiannual Report to Congress, October 1, 2018–March 31, 2019
on June 4, 2019 at 2:00 pm
Summary of significant audit, evaluation, and investigative work concerning the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection we completed from October 1, 2018, through March 31, 2019. […]
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Closure of the Audit of the Board’s Fine Arts Program
on May 13, 2019 at 2:00 pm
Our objective was to assess the adequacy of internal controls related to the management and administration of the Board’s Fine Arts Program, including its process for acquiring artwork. Our scoping effort did not identify any potential internal . . . […]
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Independent Accountants’ Report on the Bureau Civil Penalty Fund’s 2018 Compliance With the Improper Payments Information Act of 2002, as Amended
on May 2, 2019 at 2:00 pm
We contracted with an independent public accounting firm to audit the Bureau Civil Penalty Fund’s compliance with the Improper Payments Information Act of 2002, as amended, for fiscal year 2018. We reviewed and monitored the work of the contractor . . . […]
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Open Recommendations Made to the Board and to the Bureau
on May 1, 2019 at 7:00 pm
Report recommendations to the Board and to the Bureau that have been open for more than 12 months as of March 31, 2019. […]
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The Board Can Take Additional Steps to Advance Workforce Planning
on March 28, 2019 at 6:00 pm
Workforce planning helps to address gaps between today’s workforce and tomorrow’s human capital needs. In light of the Board’s level of retirement-eligible workers and its need for a workforce with specialized skills, we evaluated the Board’s . . . […]
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The Bureau Can Improve Its Risk Assessment Framework for Prioritizing and Scheduling Examination Activities
on March 28, 2019 at 2:00 pm
The Dodd-Frank Act authorizes the Bureau to supervise all depository institutions with more than $10 billion in total assets and their affiliates, along with thousands of nondepository institutions. The agency seeks to prioritize its examination . . . […]
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Bank General Counsel Charged With Conspiracy to Defraud First NBC Bank
on March 26, 2019 at 2:00 pm
NEW ORLEANS – The United States Attorney’s Office announced that GREGORY ST. ANGELO ("ST ANGELO"), age 54, a resident of St. Tammany Parish, was charged today with conspiracy to defraud First NBC Bank, the New Orleans-based bank that failed in April … […]
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Federal Financial Institutions Examination Council Financial Statements as of and for the Years Ended December 31, 2018 and 2017, and Independent Auditors’ Reports
on March 22, 2019 at 4:00 pm
The Board performs the accounting function for the Federal Financial Institutions Examination Council, and we contracted with an independent public accounting firm to audit the FFIEC’s financial statements as of and for the years ended December 31 . . . […]
