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Volume 25 - Number 22

October 27, 2014

OIG Has High-Profile CFPB Audits Underway, Including HQ Rehab

The CFPB’s Office of Inspector General has a handful of high-profile audits or reviews of the CFPB underway, including audits of the bureau’s controversial headquarters renovation costs and its public consumer complaint database. In June 2014, the OIG completed a review and issued a letter report in response to a request from Rep. Patrick McHenry, R-NC, the chairman of the House Financial Services Subcommittee on Oversight and Investigations, regarding the CFPB’s headquarters renovation budget. “As a follow-on to this work, we are evaluating the reasonableness of the overall estimated and proposed costs for the CFPB’s headquarters renovation,” the OIG said in its latest work plan. “We will also assess the effectiveness of the CFPB’s processes and controls for approving, managing ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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