2.5: Financial Products & Services

Evaluate the Bureau's functions related to collecting data, researching trends, and tracking and publishing market information on consumer financial products and services.

Other Information:

The Bureau is responsible for researching, analyzing, and reporting on (1) developments in markets for consumer financial products and services; (2) access to fair and affordable credit for traditionally underserved communities; (3) consumer awareness, understanding, and use of disclosures and communications regarding consumer financial products or services; (4) consumer awareness and understanding of costs, risks, and benefits of consumer financial products or services; (5) consumer behavior with respect to consumer financial products or services; and (6) experiences of traditionally underserved consumers. To meet these responsibilities, the Bureau will collect and have access to a significant amount of data. Records in its data collection system may contain sensitive and personally identifiable information, including names, social security numbers, account numbers, and dates of birth. The OIG will review the Bureau's internal controls related to protecting such information and, as appropriate, suggest improvements to strengthen the privacy of its data processes. In addition, we will monitor the work of the Bureau's research unit to determine specific areas for OIG review. We anticipate assessing the breadth of data collected by the various Bureau studies to ensure the research unit fulfills the requirements of the DoddFrank Act

Indicator(s):

Indicator:1

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