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Richard Cordray, Director (Director regarding the customer Finance Protection Bureau) /S/

TOPIC: Reaction To Workplace of Inspector General Report No. OIG-16-001

Many thanks for the chance to review and react to the last Report of Inquiry (Final Report) into The FDIC’s Supervisory method of Refund Anticipation Loans while the Involvement of FDIC Leadership and Personnel, served by the FDIC’s workplace of Inspector General (OIG). This response addresses the matters raised by the OIG for consideration while the FDIC’s response to the Draft Report of Inquiry on February 17, 2016, addressed the factual record.

FDIC Board article on Policy Matters Raised into the Final Report

The OIG asked for that FDIC look at the presssing dilemmas included in the Final Report and apprise the OIG of every actions FDIC will need because of this. In reaction, the FDIC Board of Directors (FDIC Board or Board) will undertake overview of the key problems raised into the Final Report for consideration. As being a kick off point, the FDIC Board reiterates its dedication to the Mission, Vision, and business Values regarding the FDIC. Also, the FDIC Board commits to review and look at the following issues:

• the quality and sufficiency of parameters put on the application of ethical suasion, or its equivalents;

• the adequacy of existing automobiles for examiners along with other workers to report whatever they think become improper actions or way;

• the effectiveness and timeliness of avenues of redress offered to banks that think supervisory capabilities are not utilized properly; and

• the governance and procedures associated with Board and its own committees.

Interim Actions in reaction towards the Final Report

The FDIC has identified a number of interim actions that may be taken now to be responsive to the OIG’s concerns and further strengthen the FDIC’s supervision programs in addition to this Board-level review. Continue reading