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ABA: The American Bankers Association
Compliance News

OIG Reports Issues with CFPB's MRA Documentation and Follow-up Process

A recent report from the Office of Inspector General (OIG) found that the Consumer Financial Protection Bureau needs to improve its documentation and follow-up process for Matters Requiring Attention (MRAs). The OIG recommends that the CFPB improve its follow-up process for MRAs by clarifying the intent and definition of its public MRA measurement, implementing a quality control process for MRA data, and addressing inconsistencies in MRA documentation and workpaper retention practices. During the review, the Bureau took actions to improve the MRA follow-up process, including issuing guidance for Bureau staff and upgrading its system of record.