This story appeared in Bank Digest.
In order to assess the Consumer Financial Protection Bureau compliance with the Dodd-Frank Act and other applicable laws and regulations, the Office of Inspector General for the bureau and the Federal Reserve Board has conducted an audit of the CFPB's advisory committees--the Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. The audit report also examined the bureau's administration of its advisory committees and evaluated the committees' effectiveness in informing the CFPB's activities.
The OIG found that, overall, the CFPB advisory committees were generally effective and were operating in compliance with applicable laws and regulations for the reviewed period, but it also found that the bureau should improve its administration of advisory committee activities. In addition, the OIG determined that assessing advisory committee effectiveness can assist the CFPB in determining whether the committees provide the agency with information and perspectives that help inform agency activities.
The report contains recommendations designed to improve the CFPB's administrative processes and to establish the formal monitoring of the effectiveness of advisory committee activities.