OIG issues 'Semiannual Report to Congress'

This story appeared in Bank Digest.                                 

The Office of Inspector General for the Federal Reserve Board and the Consumer Financial Protection Bureau has issued its "Semiannual Report to Congress," covering the period from Oct. 1, 2018, through March 31, 2019. According to an introductory message from Inspector General Mark Bialek, during this period the OIG issued eight reports related to the Fed's programs and four reports on the CFPB's operations. He also noted that the OIG's Office of Investigations pursued allegations of fraud against Fed and CFPB supervision programs and allegations of wrongdoing concerning the agencies' internal operations.

Bialek went on to say, "We processed 262 new hotline complaints and closed 13 investigations, and our work resulted in 10 persons referred for criminal prosecution and more than $1.3 billion in criminal fines, restitution, and special assessments."