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IG Evaluation of Whether FHFA Has Sufficient Capacity to Examine the GSEs

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Evaluation of Whether FHFA Has Sufficient Capacity to Examine the GSEs, September 23, 2011

  • “FHFA-OIG has identified shortfalls in the Agency’s examination coverage, particularly in the areas of Real Estate Owned and default-related legal services. Furthermore, statements by senior FHFA officials and internal Agency reviews corroborate that FHFA has too few examiners overall to ensure the efficiency and effectiveness of its examination program. Due to examiner shortages, FHFA has scaled back planned work during examinations, and examinations have often taken much longer than expected to complete. Further, the efficiency and effectiveness of FHFA’s examination program is at risk due to a shortage of accredited examiners. Although FHFA’s examiners staff have diverse professional skills, Agency data indicate that only 34% of the Agency’s 120 non-executive examiners are accredited federal financial examiners. However, the Agency does not yet have an accreditation program in place to improve this condition. Other federal financial regulators, such as the Federal Deposit Insurance Corporation (FDIC), generally require all of their examiners to be accredited or enrolled in accreditation programs as a condition of employment.”
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