GAO Recommends CFPB Assess Impact From Fair Lending Reorganization

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GAO noted that the CFPB agreed to evaluate the impact of its 2018 reorganization.
United States Finance and Banking
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In a report on the CFPB's 2018 reorganization of its fair lending activities, GAO found that the CFPB did not sufficiently incorporate key practices for monitoring the implementation and outcome of the organizational changes.

GAO stated that the CFPB's decision in 2019 to halt its reporting of performance goals and measures in connection with its fair lending supervision and enforcement efforts (i) restricted the ability of the agency to evaluate its progress in these areas and (ii) reduced the agency's transparency to Congress and the public with respect to its fair lending efforts. The GAO also determined that the CFPB could benefit from an evaluation of its effects on, among other things, staff expertise and efficiency.

GAO recommended that the CFPB Director (i) collect and evaluate further information on the effects of the 2018 reorganization and address any issues or unintended ramifications arising from the change and (ii) create and implement performance goals and criteria specific to the fair lending supervision and enforcement efforts. GAO noted that the CFPB agreed to evaluate the impact of its 2018 reorganization.

Primary Sources

  1. GAO Report: CFPB Needs to Assess the Impact of Recent Changes to Its Fair Lending Activities

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