Office of Inspector General, Federal Reserve Board and Consumer Financial Protection Bureau

What Office of Inspector General, Federal Reserve Board and Consumer Financial Protection Bureau does

The Office of Inspector General (OIG) is an independent federal oversight agency established under the Inspector General Act of 1978, as amended, with statutory responsibility to audit, investigate, and evaluate the programs and operations of two specific agencies: the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB). Its mandate was expanded to include the CFPB following the Dodd-Frank Act of 2010. The OIG conducts independent audits and evaluations across four oversight areas — Financial Management and Internal Controls, Information Technology, Management and Operations, and Supervision and Regulation — and performs criminal, civil, and administrative investigations through an Office of Investigations staffed by federally deputized Special Agents with law enforcement authority.

The OIG's core technical capabilities include a Data Analytics Group applying computer-assisted auditing techniques against Board and CFPB databases, mandatory annual FISMA information security audits, and reporting infrastructure such as FedEZFile (a 2022 banking-applications tracking system), OASIS (a supervision document repository), and a publicly accessible sortable audit-report repository. Products and services include the OIG Hotline (online, phone, and mail intake for fraud/waste/abuse reports), Audit Reports, Open Recommendations tracking, Semiannual Reports to Congress, and Major Management Challenges listings. As of March 31, 2026, 63 Board recommendations and 28 CFPB recommendations remained open, and the most recent semiannual period reported $171.6 million in judgments, forfeitures, fines, restitution, and special assessments.

The OIG does not operate a commercial business model. It is funded entirely through congressional appropriations allocated to the Board of Governors and provides its services free of charge under statutory mandate. Its primary "customers" are the Board and the CFPB as oversight subjects, with Congress as a reporting recipient and the general public as users of the Hotline. Michael E. Horowitz was appointed Inspector General effective June 30, 2025. The OIG is headquartered in Washington, DC, with field offices in Chicago, Miami, New York City, and San Francisco, and a staff of approximately 130.

Name

Office of Inspector General, Federal Reserve Board and Consumer Financial Protection Bureau

Legal name

Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau

Website

https://oig.federalreserve.gov

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

51–100 employees

Short description

The Office of Inspector General provides independent statutory oversight — audits, investigations, and evaluations — of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau, funded through congressional appropriations and operating free of charge under the Inspector General Act of 1978.

Ownership category

akta.pro rank

Product category

Federal Government Audit and Oversight Services

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Administration of Economic Programs (9261), Administration of General Economic Programs (92611), Executive, Legislative, and Other General Government Support (921)

akta.pro primary industry

Financial Risk, Controls & Audit (Public Sector) (BPAIAEAH)

akta.pro secondary industries

Government Accounting & Financial Reporting (BPAIAEAD), Audit, Compliance Monitoring & Investigations (BPAIADAE)

Keywords

• Federal audit services
• Government oversight agency
• Fraud investigations
• Financial regulator audits
• Independent evaluations

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Federal Appropriations: As a federal government agency, the OIG is funded through congressional appropriations rather than commercial revenue. The OIG does not charge for its services and operates as an independent oversight entity.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

The Office of Inspector General independently conducts audits, investigations, and evaluations of the programs and operations of the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau to promote economy, efficiency, and effectiveness and to prevent and detect fraud, waste, and abuse. It also operates a public Hotline for reporting suspected misconduct and produces statutory reports including semiannual reports to Congress.

Product overview

The Office of Inspector General operates as a federal oversight agency providing independent audit, evaluation, and investigation services for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau. The organization does not offer commercial products but provides oversight services including a Hotline for reporting fraud, waste, and abuse; Audits and Evaluations of agency programs and operations; Investigations of wrongdoing; FISMA-mandated information security audits; and Data Analytics support for audit and investigation teams. Key reporting products include Audit Reports, Open Recommendations tracking, and Semiannual Reports to Congress. These services collectively enable the OIG to provide independent oversight and make recommendations to improve economy, efficiency, and effectiveness while preventing and detecting fraud, waste, and abuse in federal financial regulatory agencies.

Differentiator

Problem solved

Functional benefit

Products and services

• OIG Hotline A reporting mechanism for individuals to report suspected fraud, waste, abuse, or mismanagement in Board or CFPB programs and operations. Available via online form, phone (800-827-3340, 202-452-6400), and mail.
• Audits and Evaluations Independent oversight reviews assessing the economy, efficiency, and effectiveness of Board and CFPB programs and operations, including compliance with laws and regulations and internal controls.
• Investigations Criminal, civil, and administrative investigations into wrongdoing related to Board and CFPB programs and operations, including fraud, ethics violations, and policy breaches.
• FISMA Audits Annual independent audits of the information security programs of the Board and CFPB as required by the Federal Information Security Modernization Act of 2014, covering risk management, configuration management, identity and access management, security training, continuous monitoring, incident response, and contingency planning.
• Audit Reports Sortable database of audit reports, evaluations, and other reviews organized by agency (Board/CFPB), year, and oversight area (Financial Management and Internal Controls, Information Technology, Management and Operations, Supervision and Regulation).
• Open Recommendations Tracking Published lists of open recommendations made to the Board and CFPB, with 63 Board recommendations and 28 CFPB recommendations remaining open as of March 31, 2026.
• Semiannual Reports to Congress Twice-yearly summary reports of OIG activities, accomplishments, and ongoing work submitted to Congress covering reporting periods such as October 1, 2025 through March 31, 2026.

Quantifiable outcome

• 6 arrests, 13 indictments, 7 criminal informations, 20 convictions, 11 referrals for criminal prosecution, and $171.6 million in civil judgments, forfeiture, criminal fines, restitution, and special assessments in a single reporting period

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and major.

• Pandemic Response Accountability Committee (PRAC)coreStrategic or Co-development Partner · 1 January 2020The OIG serves as a member of PRAC, an oversight body established by the CARES Act to ensure governmentwide coordinated oversight of the federal government's COVID-19 pandemic response efforts. The PRAC oversees more than $5 trillion in federal pandemic-related emergency spending.
• U.S. Government Accountability OfficemajorStrategic or Co-development PartnerCoordinates oversight activities of Board pandemic response with GAO to ensure robust oversight and efficiently deploy resources where most needed.
• Small Business Administration Office of Inspector GeneralmajorStrategic or Co-development PartnerCoordinates pandemic response oversight with SBA OIG as part of governmentwide coordinated oversight efforts.
• Council of the Inspectors General on Integrity and Efficiency (CIGIE)coreStrategic or Co-development PartnerCIGIE is an independent entity within the executive branch charged with increasing the professionalism and effectiveness of OIG personnel. The CIGIE Integrity Committee serves as an independent review and investigative mechanism for allegations of wrongdoing brought against Inspectors General and other designated OIG senior staff.
• Council of Inspectors General on Financial OversightmajorStrategic or Co-development PartnerCoordinates financial oversight activities among inspectors general of various financial regulatory agencies.
• U.S. Department of JusticecoreStrategic or Co-development PartnerInvestigations are conducted in close coordination with DOJ. Findings are referred to DOJ for criminal or civil prosecution. DOJ vests Special Agents with law enforcement authority including authority to carry firearms, seek and execute search and arrest warrants.
• Federal Bureau of InvestigationmajorStrategic or Co-development PartnerCoordinates with FBI on matters of mutual interest or concurrent jurisdiction in fraud investigations.
• Federal Law Enforcement Training CentermajorImplementation/ SI/ Consulting PartnerSpecial Agents must complete extensive training at FLETC, including courses in firearms, defensive tactics, laws of arrest, search and seizure, trial processes, interviewing techniques, and other investigative operations.
• U.S. Department of Homeland SecuritymajorStrategic or Co-development PartnerFor FISMA audit work, the OIG follows direction from DHS along with NIST guidance.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• U.S. Department of Homeland Security Office of Inspector General: Federal OIG conducting audits, investigations, and inspections of DHS programs. Particularly comparable in IT/FISMA audit capabilities, since DHS directs FISMA methodology across all federal OIGs — a relationship explicitly leveraged by the FRB/CFPB OIG.
• U.S. Department of the Treasury Office of Inspector General: Federal OIG overseeing Treasury Department programs, including financial regulation and pandemic response funds. Highly comparable given overlapping financial-regulatory mandate and coordination through the Council of Inspectors General on Financial Oversight.
• Federal Deposit Insurance Corporation Office of Inspector General: Federal OIG overseeing the FDIC, an institution with banking-supervision responsibilities parallel to those of the Federal Reserve Board. Strong direct comparability on audit areas (safety and soundness, supervision, IT) and membership in the financial-OIG council.
• U.S. Department of Energy Office of Inspector General: Federal OIG performing audits, inspections, and investigations of DOE programs. OIG senior adviser Jacqueline M. Becker previously served 10 years as senior attorney at the Energy OIG, evidencing close institutional kinship and career mobility between the two offices.
• U.S. Department of Transportation Office of Inspector General: Federal OIG auditing DOT programs and operations. Comparable structure (audits, investigations, evaluations, FISMA) and connected to the FRB/CFPB OIG through OIG Assistant IG Jina Hwang's prior tenure as law clerk at this office.
• U.S. Department of Justice Office of Inspector General: Federal OIG conducting audits, investigations, and evaluations of DOJ programs and operations under the same Inspector General Act of 1978 framework. Direct functional parallel — Horowitz, the current FRB/CFPB IG, previously led this office for 13 years, underscoring close comparability.
• Small Business Administration Office of Inspector General: Federal OIG with jurisdiction over SBA programs. Explicitly identified by the FRB/CFPB OIG as a coordination partner on pandemic-response oversight, indicating comparable operational scope and shared oversight workload.
• Securities and Exchange Commission Office of Inspector General: Federal OIG overseeing the SEC — a financial regulator analogous to the Federal Reserve Board. Shared financial-supervision oversight scope and coordination through the Council of Inspectors General on Financial Oversight make it a close functional peer.

Broad incumbents

• Pandemic Response Accountability Committee (PRAC): Cross-government oversight body established by the CARES Act, of which this OIG is a member. PRAC coordinates oversight of more than $5 trillion in pandemic spending across all federal OIGs, providing a wider institutional counterparty that channels work and visibility to member OIGs.
• U.S. Government Accountability Office (GAO): Congressional watchdog that performs audits, evaluations, and investigations across the federal government. Broader in scope than the FRB/CFPB OIG but exercises overlapping oversight function on Federal Reserve and CFPB programs in coordination with this OIG.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oig-federalreserve-cfpb

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Office of Inspector General, Federal Reserve Board and Consumer Financial Protection Bureau