TOPIC: Reaction To Workplace of Inspector General Report No. OIG-16-001
Many thanks for the possibility to review and react to the final Report of Inquiry (Final Report) into The FDIC’s Supervisory method of Refund Anticipation Loans additionally the Involvement of FDIC Leadership and Personnel, served by the FDIC’s Office 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 report on Policy Matters Raised within the Final Report
The OIG asked for that FDIC look at the dilemmas included in the Final Report and apprise the OIG of every actions FDIC will require because of this. Responding, the FDIC Board of Directors (FDIC Board or Board) will undertake overview of the key problems raised when you look at the Final Report for consideration. The FDIC Board reiterates its commitment to the Mission, Vision, and Corporate Values of the FDIC as a starting point. Also, the FDIC Board commits to review and think about the following things:
• the quality and sufficiency of parameters placed on the usage of ethical suasion, or its equivalents;
• the adequacy of current cars for examiners as well as other workers to report what they think become improper actions or way;
• the effectiveness and timeliness of avenues of redress open to banks that think supervisory abilities aren’t utilized accordingly; and
• the governance and procedures for the Board as well as its committees.
Interim Actions as a result to your 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.